SIGNATURE GROUP: Shares of Stock Move to OTCQXSKINNY NUTRITIONAL: Delays Form 10-K for 2011SOLAR TRUST OF AMERICA: Files for Chapter 11 in DelawareSOLYNDRA LLC: Requests More Time to File Chapter 11 PlanSP NEWSPRINT: Creditors Seek to Probe Company Led By Brant

* Large Banks Cut Their Soured Commercial Real Estate Debt* Keystone National Seeks US$150MM for Its Latest Vehicle* So Much Money, So Few Deals After Bankruptcy Pay Bonanza* Some Clean-Energy Loans on Energy Department 'Watch List'

Elliott Davis PLLC, in Greenville, South Carolina, expressedsubstantial doubt about 1st Financial Services' ability tocontinue as a going concern. The independent auditors noted thatthe Company has suffered recurring losses that have erodedregulatory capital ratios, and the Company's wholly ownedsubsidiary, Mountain First Bank & Trust Company, is under aregulatory Consent Order with the Federal Deposit InsuranceCorporation and the North Carolina Commissioner of Banks thatrequires, among other provisions, capital ratios to be maintainedat certain heightened levels. "In addition, the Company is undera Written Agreement with the Federal Reserve Bank of Richmond thatrequires, among other provisions, the submission andimplementation of a capital plan to improve the Company and theBank's capital levels. As of Dec. 31, 2011, both the Bank and theCompany are considered "significantly undercapitalized" based ontheir respective regulatory capital levels."

The Company reported a net loss of $20.5 million on net interestincome of $20.5 million for 2011, compared with a net loss of$5.3 million on interest income of $20.4 million for 2010.

"The larger net loss was driven primarily by a $12.9 millionincrease in income tax expense related to the Company'sestablishment of a full allowance against its deferred tax assetand a $3.3 million incremental provision for loan loss expense in2011 (total of $15.8 million), compared to 2010 (total of$12.5 million)."

Noninterest income was $8.7 million for 2011, as compared with$8.3 million for 2010.

Hendersonville, North Carolina-based 1st Financial ServicesCorporation is the bank holding company for Mountain 1st Bank &Trust Company (the Bank). 1st Financial has essentially no otherassets or liabilities other than its investment in the Bank. 1stFinancial's business activity consists of directing the activitiesof the Bank. The Bank has a wholly owned subsidiary, Clear FocusHoldings LLC.

The Bank was incorporated under the laws of the state of NorthCarolina on April 30, 2004, and opened for business on May 14,2004, as a North Carolina chartered commercial bank. At Dec. 31,2011, the Bank was engaged in general commercial banking primarilyin nine western North Carolina counties: Buncombe, Catawba,Cleveland, Haywood, Henderson, McDowell, Polk, Rutherford, andTransylvania. The Bank operates under the banking laws of NorthCarolina and the rules and regulations of the Federal DepositInsurance Corporation (the FDIC).

As a North Carolina bank, the Bank is subject to examination andregulation by the FDIC and the North Carolina Commissioner ofBanks (the Commissioner). The Bank is further subject to certainregulations of the Federal Reserve governing reserve requirementsto be maintained against deposits and other matters. The businessand regulation of the Bank are also subject to legislative changesfrom time to time.

The Bank's primary market area is southwestern North Carolina.Its main office and Hendersonville South office are located inHendersonville, North Carolina. At Dec. 31, 2011, the Bank alsohad full service branch offices in Asheville, Brevard, Columbus,Etowah, Forest City, Fletcher, Hickory, Marion, Shelby, andWaynesville, North Carolina. The Bank's loans and deposits areprimarily generated from within its local market area.

23 EAST 39TH STREET: Case Conference Set for May 9--------------------------------------------------The Bankruptcy Court will hold a Case Conference on May 9, 2012,at 9:45 a.m. at Courtroom 621 in the Chapter 11 case of 23 East39th Street Developers LLC.

23 East 39th Street Developers LLC filed a Chapter 11 petition(Bankr. S.D.N.Y. Case No. 12-11304) on March 30, 2012. The Debtorestimated assets and debts of $10 million to $50 million as of theChapter 11 filing.

According to a state court filing, the Debtor bought in October2007 a building on 23 East 39th Street in Bronx, New York, fromentity 23 East 39th Street Management Corp. Subsequent to thesale, Management leased the property from the Debtor andsubsequently vacated the property in May 2008. A June 2009 postby http://www.loopnet.com/the building is/was available for sale for $16.5 million. The property has two luxury residentialdwellings in addition to five stories of commercial space. Thesix-story building has 11,649 square feet of space.

Judge Robert E. Gerber oversees the case. James O. Guy, Esq., inClifton Park, New York, serves as counsel to the Debtor.

Judge James M. Peck oversees the case. The Law Offices of Mark J.Friedman P.C. serves as the Debtor's counsel.

According to the list of creditors, the Debtor has a 30 millionsecured debt to 3210 Riverdale Avenue Partners and HSBC Capital.

A March 20, 2012 report by The Real Deal says that HSBC Capitalsought a sale of the property following a defaulted mezzanine loanfor the Bronx condominium project. The owner of the Debtor,developer Michael Waldman, filed a $40 million lawsuit to blockthe sale. Mr. Waldman, a boutique developer behind Harlem'sWalden, alleges that HSBC was engaged in fraud and predatorylending after cutting funding on a construction loan.

"At the same time, we affirmed our 'B-' issue-level rating on itsexisting unsecured notes (one notch below the corporate creditrating). The '5' recovery rating remains unchanged and indicatesour expectation of modest (10%-30%) recovery of principal in theevent of payment default. The company increased its term loan to$155 million from $130 million and its revolver size to $75million from $30 million," S&P said.

"The company also has $155 million on its outstanding term loanand a $75 million revolver, which we do not rate," S&P said.

"The rating on Acadia reflects its aggressive growth strategy andhighly leveraged financial risk profile,' said Standard & Poor'scredit analyst Tahira Wright. We characterize Acadia's businessrisk profile as 'weak' because of the challenges it faces incontrolling its rapid expansion from a small base and its exposureto uncertain third-party reimbursement. From a financialperspective, growth funding is likely to keep leverage at or justabove 5x over the next year, even with the double-digit revenueand EBITDA growth we expect and amortization payments mandatedunder its credit facility," S&P said.

"Acadia's weak business risk profile further reflects significantreimbursement risk with roughly 69% of its revenue derived fromMedicaid funding. This is a particular concern because state-sponsored programs are facing budgetary pressure exacerbated bycurrent macroeconomic trends. Since Acadia's Medicaid revenues arerelated to child and adolescent behavioral health services, theremay be political reluctance to cut such spending. Moreover, thecompany's geographic diversification may blunt the threat of ratecuts from one state. Still, this exposure -- and evenreimbursement tied to Medicare, commercial payors, and privatepayors -- subject the company to reimbursement pressures," S&Psaid.

ACTUANT CORP: Moody's Rates $250MM New Sr. Unsecured Notes 'Ba2'----------------------------------------------------------------Moody's Investors Service has assigned a Ba2 rating to the new$250 million notes due 2022 of Actuant Corporation. The notes rankpari passu with the company's current senior unsecured notes. Thecompany's SGL-2 liquidity rating was affirmed. The ratings outlookremains stable.

Assignments:

$250 million senior unsecured notes rated Ba2 LGD5 79%

Affirmations:

Issuer: Actuant Corporation

Corporate Family Rating at Ba1

Probability for Default at Ba1

Sr Unsecured notes at Ba2 LGD5 79%

Speculative Grade Liquidity Rating, Affirmed SGL-2

The rating outlook is stable.

Ratings Rationale

The rating on the company's new $250 million notes reflects theirsenior unsecured status in the company's capital structure andpari passu ranking with the company's other senior unsecurednotes. The notes are guaranteed on a full, joint and severalbasis, by each of its domestic subsidiaries that currentlyguarantee the bank credit agreement. An upgrade of the company'ssenior unsecured debt, CFR, and PDR were among the rating actionstaken by Moody's on Friday March 30, 2012 (see Moody's PressRelease of that date for further information). The rating actionreflected Actuant's strengthening credit profile evidenced byimprovements in the company's leverage, profitability, andliquidity, and Moody's expectations that the company will be ableto sustain strong credit metrics over the intermediate term.

The stable outlook considers the company's history ofsupplementing growth through paced acquisitions and then applyingits significant cash flow towards paying down its debt.

An upgrade to investment grade over the short term is not likelygiven the company's size, the highly cyclical nature of itsbusinesses, and its acquisition based growth strategy. Therefore,for further positive ratings traction to develop, Actuant musthave above average credit metrics for the ratings category. Thesemetrics would include, but are not limited to, a debt to EBITDAmeaningfully below 2.0 times on a sustainable basis (including theimpact of acquisitions); free cash flow to debt anticipated to beover 25% and EBITA to interest over 7.0 times. For an upgrade tooccur, the company would need to rely less on its revolver foracquisitions, continue to experience strong free cash flowgeneration, and its overall liquidity would need to be very good.

The rating or outlook could come under pressure if any of itsmajor operating segments was to perform weakly, or if EBITA tointerest was expected to be sustained below 5.0 times or ifleverage was expected to increase meaningfully above 2.5 times. Alarge debt financed acquisition could result in a negative outlookor even result in a ratings downgrade depending on multiplefactors including the company's plans to delever back to levelsmore consistent with the rating category.

The principal methodology used in rating Actuant was the GlobalManufacturing Industry Methodology published in December 2010.Other methodologies used include Loss Given Default forSpeculative-Grade Non-Financial Companies in the U.S., Canada andEMEA published in June 2009.

Actuant Corporation, with operations in more than 30 countries, isa diversified global manufacturer of highly engineered positionand motion control systems and branded tools in a variety ofindustries. The company has four business segments: Industrialsegment (approx. 26% of revenues), Energy segment (20%), andElectrical segment (20%) Engineered Solutions segment (34%).Revenues for the LTM period ended February 29, 2012, totaled $1.7billion.

AE BIOFUELS: Eric McAfee Discloses 21.5% Equity Stake-----------------------------------------------------In a Schedule 13D filing with the U.S. Securities and ExchangeCommission, Eric A. McAfee and McAfee Capital, LLC, disclosedthat, as of Sept. 30, 2011, they beneficially own 28,317,241shares of common stock of Aemetis, Inc., formerly known as AEBiofuels, Inc., representing 21.57% of the shares outstanding.Mr. McAfee is the Chief Executive Officer and Chairman of theBoard of Aemetis. A copy of the filing is available for free at:

AE Biofuels, Inc. (OTC BB: AEBF) -- http://www.aebiofuels.com/-- is a biofuels company based in Cupertino, California, developingsustainable solutions to address the world's renewable energyneeds. The Company is commercializing its patent-pending next-generation cellulosic ethanol technology that enables theproduction of biofuels from both non-food and traditionalfeedstocks. Its wholly-owned Universal Biofuels subsidiary builtand operates a nameplate 50 million gallon per year biodieselproduction facility on the east coast of India.

The Company reported a net loss of $1.72 million on $1.59 millionof sales for the three months ended Sept. 30, 2010, compared witha net loss of $3.78 million on $4.05 million of sales for the sameperiod a year earlier.

BDO Seidman, LLP, in San Jose, Calif., expressed substantial doubtabout AE Biofuels' ability to continue as a going concern,following the Company's 2009 results. The independent auditorsnoted that the Company has incurred recurring losses, and has aworking capital deficit and total stockholders' deficit as ofDecember 31, 2009.

The Company's balance sheet at Sept. 30, 2010, showed$20.23 million in total assets, $29.03 million in totalliabilities, all current, and a stockholders' deficit of$8.80 million. The Company has not filed financial reports afterfiling its Form 10-Q for the quarter ended Sept. 30, 2010.

"AES Ironwood is a 705 megawatt (MW) combined-cycle natural-gas-fired power plant in Lebanon, Penn. The facility began operationin 2001 and, since July 1, 2008, PPL EnergyPlus LLC, an indirectsubsidiary of PPL Corp., has supplied natural gas to the facilityand receives its full electricity output pursuant to a tollingagreement that expires in 2021," S&P said.

"On Feb. 27, 2012, PPL Corp. announced that a new indirectsubsidiary, PPL Ironwood Holdings LLC, is purchasing the memberinterest in AES ironwood and AES Prescott, which together own andoperate AES Ironwood. AES Ironwood and AES Prescott willsubsequently undergo a name change to PPL Ironwood LLC and PPLPrescott LLC. The sale is expected to close in second-quarter-2012following the receipt of necessary regulatory approvals and third-party consents," S&P said.

"The consideration that PPL Generation is paying is about $304million (i.e., about $431/(kilowatt (kW)) consisting of about $87million in cash, including about $4.8 million of net workingcapital of the companies, plus about $217 million of netoutstanding project debt of AES Ironwood when the transactioncloses. As of Dec. 31, 2011, we estimate that about $228.3 million($324/kW) of bonds will be outstanding," S&P said.

"Higher variable O&M payments from higher dispatch could provideincremental revenues even as AES Ironwood manages its cash flowover the next two years when a modest increase in capacitypayments alleviates pressure on debt servicing. We expectavailable unrestricted cash levels and, if required, the DSR tosupport the project over the next year. A negative outlook willresult if a higher claim on cash during planned outages in theintervening years pressures the liquidity position, and lowerratings could follow. The signing of a term warranty, which nowsubsumes coverage for parts and labor, as well as a successfulresolution of the netting arrangement between the project andPPL EnergyPlus has resulted in an improvement in cash flow byabout $1 million and will favorably influence the project'screditworthiness. An upgrade is unlikely in the near future, untilthe project can demonstrates debt service levels that areconsistently above 1.2x," S&P said.

AFA Foods disclosed that given recent changes in the market forits ground beef products and the impact of negative media coveragerelated to boneless lean beef trimmings -- BLBT -- it hasdetermined that the best way to preserve value for itsstakeholders is through an orderly sale of some or all of itsassets.

However, due to the Debtors' strained liquidity and a drop insales of all ground been products driven by negative mediacoverage, the Debtors opted to purse a Chapter 11 filing, says RonAllen, interim CEO.

The Debtors disclosed $219.6 million in assets and $197.3 millionin liabilities as of Feb. 26, 2012.

General Electric Capital Corp. and Bank of America Corp. are owed$11.5 million under certain term loans and $47.9 million under arevolving loan, secured by a first lien in substantially all ofthe Debtors' assets. Junior lenders, led by Yucaipa CorporateInitiatives Fund II, LLC, as agent, are also owed $75.6 millionunder a second lien credit facility. Unsecured obligations total$60 million as of the petition date.

DIP Financing

The bankruptcy will be financed with a $56 million loan from thefirst lien lenders.

The DIP financing will provide an opportunity for the Debtors toengage in an expedited sales process while in Chapter 11.

The DIP facility will mature in 120 days after the Petition Date.

The loan requires a quick-sale of the assets. Under the terms ofthe financing, the Debtors are required to:

(i) no later than 14 days after the Petition Date, file amotion under 11 U.S.C. Sec. 363 to sell substantially all assetswhere the prepetition lenders would be the stalking horse bidder;

(ii) no later than 28 days after the filing of the BidProcedures Motion, obtain approval of the Bid Procedures;

(iii) conduct an auction no later than 76 days after the PetitionDate;

(iv) obtain approval of the sale no later than 5 business daysafter the auction; and

(v) consummate the sale no later than 87 days after thePetition Date.

First Day Hearing

Judge Mary Walrath convened a hearing on April 3. The judgeapproved the first day motions, including the requests to payprepetition claims of employees and essential suppliers.

The judge also granted interim approval to the proposed DIPfinancing. A hearing to consider final approval of the loan isscheduled for April 24, 2012 at 2:00 p.m.

The Company expects to continue purchasing goods and services fromits suppliers and to pay suppliers in the normal course for allgoods and services delivered on or after today's filings, whileclaims for goods and services delivered prior to the filings willneed to be addressed through the Chapter 11 process. The Companyhopes to maintain as many of its supplier relationships aspossible.

Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,reports that Tobias Keller, Esq., an attorney with Jones Day,representing AFA, told the Bankruptcy Judge at Tuesday's hearingthat AFA hopes to find a buyer willing to save some of the beefprocessing operation but won't try to survive the consumerdisaster that has hit the industry of ground-beef producers.

Mr. Keller said AFA plans to walk into a bankruptcy auction,probably without an opening bidder, and close a deal within threemonths.

"Mid-June? Is that what we're talking about? End of June for thesale to be complete? Is that what we're talking about?? JudgeWalrath asked, DBR relates.

DBR notes not once during AFA?s debut hearing did Mr. Keller usethe term "pink slime," the label that made a common hamburgeradditive notorious. He referred only to "another unfortunateepithet that has been used more widely in the media" when talkingabout the ground beef additive that caused a mass consumer recoil,forcing AFA to abandon hope of surviving.

About AFA Foods

King of Prussia, Pennsylvania-based AFA Foods is one of thelargest processors of ground beef products in the United States.The Company has five processing facilities and two ancillaryfacilities across the country with annual processing capacity of800 million pounds. AFA has seven facilities capable of producing800 million pound of ground beef annually. Revenue in 2011 was$958 million.

Yucaipa Cos. acquired the business in 2008 and currently owns 92percent of the common stock and all of the preferred stock.

Kurtzman Carson Consultants is the claims and notice agent.

ALERIS CORP: Expects to Sell 31.25 Million Shares in IPO--------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Aleris Corp.estimated the size of its initial public offering at 31.25 millionshares.

About Aleris Corp.

Beachwood, Ohio-based Aleris International, Inc., is a globalmanufacturer of aluminum products, serving primarily theaerospace, building and construction, containers and packaging,metal distribution, and transportation industries. Through its 42production facilities located across North America, Europe, andChina, the company specializes in the manufacture and sale ofaluminum rolled and extruded products; aluminum recycling; andspecification alloy manufacturing. Its operations are split intothree reporting segments: Rolled Products North America (30% offiscal 2009 revenues), Recycling and Specification Alloys Americas(19%), and Europe (51%). During the 12 months ended Sept. 30,2010, Aleris generated approximately $3.9 billion of revenues.

Aleris and various affiliates filed for bankruptcy (Bankr. D. Del.Lead Case No. 09-10478) on Feb. 12, 2009. The Hon. BrendanLinehan Shannon presided over the cases. Stephen Karotkin, Esq.,and Debra A. Dandeneau, Esq., at Weil, Gotshal & Manges LLP in NewYork, served as lead counsel for the Debtors. L. Katherine Good,Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger,P.A., in Wilmington, Delaware, served as local counsel. Moelis &Company LLC, acted as financial advisors; Alvarez & Marsal LLC asrestructuring advisors, and Kurtzman Carson Consultants LLC asclaims and noticing agent for the Debtors. As of Dec. 31,2008, the Debtors had total assets of US$4,168,700,000; and totaldebts of US$3,978,699,000.

ALLEGIANCE TELECOM: District Court Vacates Ruling on $8MM Escrow----------------------------------------------------------------District Judge P. Kevin Castel vacated an order of the bankruptcycourt (Robert D. Drain, U.S.B.J.) determining that the buyer ofassets from the debtors was entitled to roughly $8 million,representing a portion of the purchase price paid into escrow bythe buyer, plus accumulated interest. The successor-in-interest tothe debtors took an appeal from the order, arguing that thedebtors, as the sellers of the assets, are entitled to the funds,which were part of the purchase price.

Allegiance Telecom, Inc., and Allegiance Telecom Company Worldwidefiled a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No.03-13057) on May 14, 2003. Thereafter, Allegiance entered into anAsset Purchase Agreement with XO Communications, LLC, wherebyAllegiance agreed to sell substantially all of its assets, atelecommunications business for $311 million plus a specifiednumber of shares of XO common stock. The APA was approved by thebankruptcy court on Feb. 20, 2004.

According to the APA, in the event that XO began operating theBusiness before the sale closed, XO would pay the purchase priceimmediately but would deposit a portion of the purchase price inan escrow account. The funds in the escrow account would coveradjustments to the purchase price necessitated by any discrepancybetween Allegiance's estimate of the working capital of theBusiness and the actual working capital on the day XO took overoperations. The APA provided that any adjustments to the purchaseprice were to be paid exclusively out of the escrowed funds, withthe balance, if any, paid to Allegiance.

The APA further provided that XO's assessment of the workingcapital of the Business on the day it took over operations wouldbecome the Final Working Capital -- and become the basis forpurchase price adjustments -- unless Allegiance disputed theassessment. In the event Allegiance did dispute XO's assessment,Allegiance and XO were to submit the dispute to an "AccountingReferee," whose decision would be final and binding.

On June 12, 2007, the parties commenced an accounting proceedingbefore an Accounting Referee. The bankruptcy court stayed anadversary proceeding relating to the working capital adjustmentspending the delivery of the Accounting Referee's report.

While the Accounting Proceeding was pending, the parties reached aglobal settlement of many and varied disputes of which theAccounting Proceeding was but one. The Settlement Agreement,which was approved by the bankruptcy court on Nov. 5, 2008,required Allegiance to pay XO the net amount of $57,396,904. Thenet figure included a credit in the aggregate amount of $2,897,591in favor of Allegiance "in full satisfaction of all of theParties' respective claims and counterclaims" in the AccountingProceeding and certain other litigations. The SettlementAgreement does not otherwise explain how the $2,897,591 figure wascalculated.

As part of the Settlement Agreement, the parties agreed to notifythe Accounting Referee that they had discontinued the AccountingProceeding. Elsewhere, the Settlement Agreement contained broadand sweeping mutual releases of "any and all claims . . . for anyreason whatsoever, arising from or in any way related to the APA."The Settlement Agreement -- and the application to the Court forits approval -- are silent as to the disposition of the escrowedfunds. The Court approved the Settlement Agreement on Nov. 5,2008.

Two and one-half years after the Settlement Agreement, and aboutseven months after the closing of the Chapter 11 cases, the PlanAdministrator, as successor-in-interest to Allegiance, moved toreopen the debtors' cases because the "debtor inadvertentlyfail[ed] to administer assets prior to the closing of thebankruptcy case." The Plan Administrator had applied for and, onOct. 26, 2010, was granted a final decree closing Allegiance'sChapter 11 cases. The bankruptcy cases were reopened by Order ofJune 1, 2011. Thereafter, the Plan Administrator moved for an"Order Enforcing [the] Settlement Agreement . . . and DeterminingOwnership of Escrowed Funds." XO cross-moved "Seeking Release toIt of [the] Escrowed Funds" and objecting to the PlanAdministrator's motion.

Judge Drain held a hearing on the motions, at the conclusion ofwhich he expressed a "preliminary view." The bankruptcy courttentatively concluded that because XO placed the money into theescrow, it had a reversionary interest in the money. Afterreceiving further briefing on the issue, the bankruptcy courtissued an order on Oct. 17, 2011, denying Allegiance's motion,granting XO's cross-motion and directing the escrow agent torelease the funds to XO.

The appeal followed.

In his ruling, the judge said the matter referred to thebankruptcy court with direction to grant the motion of Allegianceand deny the motion of XO.

Headquartered in Dallas, Texas, Allegiance Telecom, Inc. --http://www.algx.com/-- was a facilities-based national local exchange carrier. Allegiance offered "One source for businesstelecom(TM)" -- a complete telecommunications package, includinglocal, long distance, international calling, high-speed datatransmission and Internet services and a full suite of customerpremise communications equipment and service offerings.

When the Company filed for protection from its creditors, itlisted $1,441,218,000 in assets and $1,397,494,000 in debts. TheCourt confirmed the Company's Third Amended Joint Plan ofReorganization in June 2004.

Alta Mesa has continued to steadily boost its oil and natural gasliquids production. In February 2012, the company's production mixhad 33% liquids which is expected to grow to 40% by the end of2012. The Weeks Island assets contain Alta Mesa's largestdeveloped reserves and have been a consistent source of oilproduction while its Eagle Ford properties also have goodpotential.

Eagle Ford production was 1,800 barrels of oil equivalent per dayby February 2012, up 86% from the third quarter of 2011. Thecompany is well positioned to use the advanced horizontal drillingand hydraulic fracturing technology in the Eagle Ford Shale andshow rapid production and reserves growth through 2013.

Additionally, the company has over 100% of its expected ProvedDeveloped Producing (PDP) production hedged for the 2012 - 2016time frame at an average floor price of $99.32 per barrel and$4.78 per MMbtu.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to a onenotch upgrade.

The principal methodology used in rating Alta Mesa was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Alta Mesa is an exploration and production partnership that isfocused on acquiring and exploiting mature onshore properties inTexas, South Louisiana, and Oklahoma.

AMERICAN AIRLINES: US Airways Talking to AMR Creditors------------------------------------------------------Mike Spector and Susan Carey, writing for The Wall Street Journal,report that people familiar with the matter said US Airways GroupInc. has talked to some American Airlines creditors, sayingmerging the two carriers could yield more than $1.5 billion a yearin added revenue and cost savings. The talks between US Airwaysand creditors of AMR Corp., American's parent, could amount to anend-run around AMR's efforts to negotiate a plan with its unionsand bondholders to emerge from bankruptcy protection as anindependent airline.

The sources told the Journal US Airways hasn't engaged in formaldiscussions with AMR's unsecured creditors committee, but itsrepresentatives have held informal talks over the past few weekswith various creditor advisers, who have been receptive to itsovertures. The sources also said US Airways has gotten moreaggressive since American recently asked a judge for permission toreject labor contracts to garner large cost cuts.

American's three main unions all sit on AMR's creditors committee.According to WSJ's sources, US Airways has told AMR creditors thatcombining the airlines could produce roughly $1 billion inadditional revenues and about $500 million in mostly non-laborcost savings. Some people familiar with the matter also said thetotal synergies from combining American, the nation's No. 3airline by traffic, and No. 5 US Airways could surpass $2 billion,though the analysis hasn't been finalized. The combined airlineswould be much closer in size to industry leaders UnitedContinental Holdings Inc. -- a product of a 2010 merger betweenUnited Air Lines and Continental -- and Delta Air Lines Inc.,which acquired Northwest Airlines.

WSJ notes AMR's chief executive, Tom Horton, has been open tofurther airline consolidation, but has said he doesn't want toexplore any deals until his company emerges from bankruptcyproceedings.

AMR's plan to emerge from Chapter 11 protection eventually willrequire the blessing of its creditors, giving them leverage indiscussions with both American and US Airways, should US Airwayscontinue to press its case. One person, according to WSJ, said USAirways could try to persuade the unions representing pilots,flight attendants, mechanics, airport ground workers and others,that the higher revenue the combined airline would generate couldbe shared with labor by way of less-drastic contract concessionsthan AMR is seeking.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on$18.02 billion of total operating revenues for the nine monthsended Sept. 30, 2011. AMR recorded a net loss of $471 million inthe year 2010, a net loss of $1.5 billion in 2009, and a net lossof $2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

All objections to the Debtors' Application that have not beenwithdrawn, waived, or settled are hereby overruled on the merits,Judge Lane ruled.

Any BCG consultants holding shares of AMR Corporation stock areauthorized and required to sell such stock as soon as practicable.

The Debtors are further authorized to pay BCG the amounts owedfor postpetition work done in the ordinary course of business,provided, however, that prior to any such payment, BCG and theDebtors will provide the Official Committee of UnsecuredCreditors and the U.S. Trustee for Region 2 information regardingthe services rendered and the amounts charged. In the event theCommittee or the U.S. Trustee objects to all or any portion ofthe payment on a project, the Debtors will not pay the disputedamounts to BCG until further order of the Court.

After the completion of BCG's services rendered pursuant to theManagement Cascade Statement of Work, the Debtors will providewritten notice to the U.S. Trustee and counsel for the Committeethat such services are completed, Judge Lane ruled.

As the Debtors' strategic consultant, BCG has agreed to facilitatea dedicated project to help the Debtors redesign and realign theircurrent management structure. The "Cascade Project" will enablethe Debtors to, among other things, (i) ensure that the rightmanagement teams are working on the right tasks; (ii) design amanagement structure that fosters accountability and highperformance, adaptability, and fast, effective decision making;and (iii) create an efficient cost structure. The Cascade Projectis a collaborative effort, with BCG team leaders working with TomHorton, the Debtors' Chairman, Chief Executive Officer andPresident, and management to create an effective organizationalstructure.

The Debtors propose to pay BCG for services rendered in connectionwith the Cascade Project: a flat fee of $254,500 per week for thefirst six weeks and a flat fee of $392,500 per week for the final26 weeks, with the total cost not to exceed $11,732,000. BCG'srates include any costs for reasonable expenses that it may incur.

Ken Keverian, a senior partner and managing director at BCG,disclosed that during the 90-day period before the Petition Date,his firm received one payment from the Debtors for $1,160,000 forwork done in July 2011. BCG agreed to waive its prepetition claimof $6,503,200 for work under the several projects with the Debtorsupon entry of an order approving the Debtors' Application.

Mr. Keverian further discloses that the personnel related to theconnections will not be working on the proposed engagement: (a) aBCG employee's husband served as a law clerk to Judge Allan L.Gropper of the U.S. Bankruptcy Court for the Southern District ofNew York and (b) a BCG employee serves on a board of school withJudge Gropper. Nonetheless, he assures the Court that BCG is a"disinterested person" as the term is defined in Section 101(14)of the Bankruptcy Code.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on$18.02 billion of total operating revenues for the nine monthsended Sept. 30, 2011. AMR recorded a net loss of $471 million inthe year 2010, a net loss of $1.5 billion in 2009, and a net lossof $2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

The Court noted in its order it was advised that the objection ofthe U.S. Trustee for Region 2 as it relates to the Creditors'Committee's retention of Skadden is resolved through the entry ofthe Court's order.

John Wm. Butler, Jr., Esq., a partner at Skadden, Arps, Slate,Meagher & Flom LLP, in Chicago, Illinois, disclosed that AmericanAirlines and Citibank, N.A. are parties to an AAdvantageParticipation Agreement and related agreements. Skadden hasdetermined that it will not represent the Creditors' Committee inmatters litigated in the Court adverse to Citibank relating to theParticipation Agreement. Any such contested matters will behandled by Togut, Segal & Segal LLP, he said. He furtherdisclosed that at the Creditors' Committee's request and with hisfirm's participation, Moelis & Company LLC and Mesirow FinancialConsulting, LLC as financial professionals of the CreditorsCommittee developed a protocol setting forth a division ofresponsibilities as set forth in their employment applications.The Creditors' Committee believes that Moelis' services willcomplement, and not duplicate, the services to be rendered byMesirow, he adds.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on$18.02 billion of total operating revenues for the nine monthsended Sept. 30, 2011. AMR recorded a net loss of $471 million inthe year 2010, a net loss of $1.5 billion in 2009, and a net lossof $2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

AMERICAN AIRLINES: Disputes Bid to Bar PSA Contract Changes-----------------------------------------------------------AMR Corp. and its affiliates, the Official Committee of UnsecuredCreditors and the Allied Pilots Association respond to the Ad HocCommittee of Passenger Service Agreements' motion to enjoin theDebtors from making unilateral changes in the terms and conditionsof employment of their non-union passenger service agents.

The PSAs seek its extraordinary relief based upon Section 1113 ofthe Bankruptcy Code where no collective bargaining agreementsubject to Section 1113 exists with the Communication Workers ofAmerica or which in any way covers any of the PSAs, StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, in New Yorkcontends, counsel to the Debtors. Notably, the Railway Labor Actdoes not require a carrier to maintain the status quo in termsand conditions of employment in the absence of an initial CBA ora subsequently operative CBA, neither of which exists in the AMRcase, Mr. Karotkin avers.

The PSAs seek injunctive relief which under Rule 7001(7) of theFederal Rules of Bankruptcy Procedure must be sought pursuant toan adversary proceeding, Mr. Karotkin points out. Indeed,resolution of allegations that possible changes in terms andconditions of employment of the PSAs would violate the NationalMediation Board's doctrine requiring maintenance of so-called"laboratory conditions" during a union organizing campaign isproperly within the jurisdiction of the NMB, he asserts. In anyevent, no violation of laboratory conditions exists here, heinsists.

Any changes that might occur will be implemented because suchchanges, if made, will be precipitated by business necessity, Mr.Karotkin says. "As American has made abundantly clear, laborcost reductions are a critical element of its reorganizationeffort and necessary to the success of these reorganizationcases," he maintains.

In conjunction, the Official Committee of Unsecured Creditorsstresses that the Debtors must either soon reach a consensualresolution with their labor organizations that results in marketbased collective bargaining agreements or the Debtors will haveno alternative but to take requisite action to seek todemonstrate their good faith compliance with the "stair-step"requirements of Section 1113. However, with respect to theDebtors' employees that are not subject to Section 1113 -- suchas the PSAs -- the Court should resist any intervention nototherwise required by the Bankruptcy Court in order to allow theDebtors to proceed with their efforts to achieve a market basedcost structure, the Creditors' Committee says.

The Creditors' Committee recognizes that certain provisions ofthe Bankruptcy Code may require the Debtors to bring some mattersto the Court, such as when the Debtors decide to take actionsoutside of the ordinary course of business, but Section 1113 isnot implicated in this instance.

The APA notes that in labor matters over which the RLA gives theNMB exclusive jurisdiction, including mediation andrepresentation proceedings, the Court must defer to the NMB'sjurisdiction and police power. To that limited extent, the APAobjects to the PSAs' Motion.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on$18.02 billion of total operating revenues for the nine monthsended Sept. 30, 2011. AMR recorded a net loss of $471 million inthe year 2010, a net loss of $1.5 billion in 2009, and a net lossof $2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

AMERICAN AIRLINES: U.S. Bank's Adequate Protection Plea Denied--------------------------------------------------------------Bankruptcy Judge Sean Lane denied the request of U.S. Bank TrustNational Association, as trustee, for an order conditioning AMRCorp. and its affiliates' use of property on adequate protectionfor the reasons stated at the hearing.

Before entry of the order, the Debtors and the Official Committeeof Unsecured Creditors objected to the U.S. Bank Motion.

U.S. Bank sought adequate protection of an asserted interest incollateral securing $450 million in principal amount of certain10.5% notes due 2012 issued by American Airlines pursuant to anOctober 2009 indenture. The Notes are secured by collateralconsisting of 143 aircraft and engine parts and approximately$41.5 million of cash collateral.

Counsel to the Debtors, Stephen Karotkin, Esq., at Weil, Gotshal& Manges LLP, in New York, argued that the aggregate value of thecollateral per most recent appraisals furnished to the IndentureTrustee is in excess of $985 million, which amounts to a greaterthan 115% equity cushion. Under established precedent, thisoverwhelmingly equity cushion in and of itself constitutesadequate protection and nothing is further is required, heinsisted. He pointed out that the Debtors are maintaining theCollateral in accordance with a program approved by the FederalAviation Administration, applicable law and regulations, and theterms of the Indenture and related security agreement.

"The Trustee's unfounded insinuations about maintenance issuesare just wrong and, in fact, reckless," Mr. Karotkin told theCourt. "Additionally, there is no diminution in value of theCollateral as a result of the imposition of the automatic stay,and the Trustee's conclusory and factually deficient allegationscannot change this inescapable conclusion."

The Creditors' Committee joined in the Debtors' objection. Byits admission, the Indenture Trustee states that the balanceunder the Senior Secured Notes represents only 44% of the valueof the Collateral and is thus adequately protected by ansubstantial equity cushion, averred John Wm. Butler, Jr., Esq.,at Skadden, Arps, Slate, Meagher & Flom LLP, in New York, counselto the Creditors' Committee.

There is also no basis for the Indenture Trustee to conclude that"the costs . . . of repossession and remarketing any returnedAircraft ought to be considered" will consume American's verysubstantial equity cushion, Mr. Butler pointed out. Nor doesAmerican's purported breach of the balance-to-collateral ratiounder the prepetition Indenture demonstrate that the IndentureTrustee lacks adequate protection, he maintained.

In response, the Indenture Trustee said it agrees that at thecurrent time it is oversecured, however, it believes that itsequity cushion in the absence of adequate protection may eroderapidly. The Indenture Trustee also disputed that the value ofthe Aircraft is in excess of $985 million and accompanying 44%current loan-to-value ratio of the Aircraft per AVITAS, Inc.'sappraisal.

John Vitale, president of AVITAS, which was hired by theIndenture Trustee, disclosed that the adjusted current marketvalue of the aircraft as of January 2012 was approximately $804.8million based on the actual maintenance status disclosed to theIndenture Trustee. He also said that the 44% ratio wascalculated purportedly in the manner set forth in the Indenturebased upon the same desktop appraisals used by the Debtors todetermine the $985 million value of the Aircraft.

"While the Debtors argue that they have continued to perform themaintenance on the Aircraft as and when it becomes due, and theIndenture Trustee hopes that they are doing so, the IndentureTrustee has no guarantee that the Debtors are in fact maintainingthe Aircraft properly and that they will continue to perform thismaintenance in the future" counsel to the Indenture Trustee,Craig M. Price, Esq., at Chapman and Cutler LLP, in Chicago,Illinois, told Judge Lane. Because the value of an Aircraft hassignificant swings in value due to the maintenance condition ofthe Aircraft, a large equity cushion is mandated, he insisted.

The Indenture Trustee filed with the Court an errata sheet withrespect to Mr. Vitale's declaration, which was attached to theIndenture Trustee's response. Specifically, paragraph 10 of theVitale Affidavit references an Adjusted Current Market Value of$809.7 million. Consistent with the remainder of the Affidavit,the actual number should be $804.8 million, Mr. Price said.

About American Airlines

AMR Corp. and its subsidiaries including American Airlines, thethird largest airline in the United States, filed for bankruptcyprotection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattanon Nov. 29, 2011, after failing to secure cost-cutting laboragreements.

AMR, previously the world's largest airline prior to mergers byother airlines, is the last of the so-called U.S. legacy airlinesto seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnectioncarrier serve 260 airports in more than 50 countries andterritories with, on average, more than 3,300 daily flights. Thecombined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on$18.02 billion of total operating revenues for the nine monthsended Sept. 30, 2011. AMR recorded a net loss of $471 million inthe year 2010, a net loss of $1.5 billion in 2009, and a net lossof $2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed$24.72 billion in total assets, $29.55 billion in totalliabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to theDebtors. Paul Hastings LLP and Debevoise & Plimpton LLP Groom LawGroup, Chartered, are on board as special counsel. RothschildInc., is the financial advisor. Garden City Group Inc. is theclaims and notice agent.

AMERICAN APPAREL: Has $80 Million Credit Facility with Crystal--------------------------------------------------------------American Apparel, Inc., has replaced its existing $75 millionsenior credit facility that was due to expire in July 2012 with athree year $80 million Senior Credit Facility with CrystalFinancial LLC as Administrative Agent and Salus Capital Partners,LLC as Documentation Agent. In addition, the Company has amendedand extended the maturity of its second lien credit facility withLion Capital, LLP, and affiliates. These actions, when takentogether, will provide the Company with additional borrowingcapacity and financial flexibility as it continues to build uponrecent positive momentum in its business.

The Credit Facility is composed of a $30 million term loan withthe balance of the commitment being provided as revolving credit.Borrowings are at 900 basis points over the LIBOR rate and aresecured by substantially all of the assets of the Company. TheCredit Facility matures on March 13, 2015.

The Company has also extended the maturity date of the Second LienLoan by two years to Dec. 31, 2015, and has negotiated an easingof the minimum EBITDA financial covenant of the Second Lien Loan.In addition, the Company has agreed that with respect to interestaccruing from and after Sept. 1, 2012, it will pay a minimum of 5%of each interest payment on outstanding principal under the SecondLien Loan in cash. In connection with the extension, the Companyagreed that if it fails to maintain specified minimum quarterlyEBITDA targets as defined in the extension amendment the exerciseprice of Lion's outstanding warrants will be reduced by $0.25.The Company also extended the maturity of the warrants by fouryears.

Comment of Dov Charney, Chairman and CEO of American Apparel, Inc:

"These financial agreements, coupled with improved financialperformance, will provide added flexibility in delivering upon ouroperating plan for 2012 and beyond. We have made steady progressin building sales and improving our financial performance in thepast year; securing the refinancing of our debt should provide ourstakeholders with confidence about our ability to continue ourmomentum and deliver upon our commitments. We have significantgoals for our 2012 performance and so far we are off to a goodstart.

Crystal Financial has significant retail experience, understandsour business and has an appreciation of the significance of therecent improvements in our operating performance. We arefortunate to have them as a new business partner. Also, the voteof confidence and support from Lion Capital by way of the loanextension and other accommodations is also significant. We trulyvalue their partnership."

"American Apparel has made great strides over the past year inimproving its overall financial performance and we are pleased tobe in a position to provide them with the financial flexibilityneeded to continue to build upon that momentum. The transactionsannounced today will provide an immediate benefit to AmericanApparel and we look forward to a long and mutually beneficialrelationship with the Company."

Comment of John Luttrell, CFO of American Apparel, Inc:

"We had several objectives related to the refinancing of ourcapital structure. We wanted to replace our existing seniorcredit facility with a long-term facility at commerciallyappropriate rates with additional capacity. This Credit Facilitymeets all of those criteria. We also hoped to extend the Liondebt in a manner that would not dilute our equity shareholders andgive us the added flexibility to ultimately take out this creditagreement as operating results continue to improve. The Lionamendment achieves this objective. With the actions taken today,we have a clear path for the next three years to concentrate onour business and deliver solid operating performance improvements.Our estimated cash flows fully support the added interest paymentswhen compared to our prior senior secured facility. Mostimportant, we have concluded that there is no longer substantialdoubt about our ability to continue to operate as a goingconcern."

The Company engaged Cowen and Company as its financial advisor forthese transactions.

In April 2011, American Apparel said it raised $14.9 million inrescue financing from a group of investors led by Canadianfinancier Michael Serruya and private equity firm Delavaco CapitalCorp., allowing the casual clothing retailer to meet obligationsto its lenders for the time being. Under the deal, the investorswere buying 15.8 million shares of common stock at 90 centsapiece. The deal allows the investors to purchase additional27.4 million shares at the same price.

The Company reported a net loss of $39.31 million in 2011 and anet loss of $86.31 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $324.72million in total assets, $276.59 million in total liabilities and$48.13 million in total stockholders' equity.

Weaver Martin & Samyn, LLC, in Kansas City, Missouri, expressedsubstantial doubt about American Petro-Hunter's ability tocontinue as a going concern. The independent auditors noted thatthe Company has suffered recurring losses from operations and isdependent upon the continued sale of its securities or obtainingdebt financing for funds to meet its cash requirements.

The Company reported a net loss of $2.7 million on $317,900 ofrevenue for the year 2011, compared with a net loss of$2.5 million on $92,800 of revenue for 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.1 millionin total assets, $4.2 million in current liabilities, and astockholders' deficit of $2.1 million.

Scottsdale, Ariz.-based American Petro-Hunter, Inc., is an oil andnatural gas exploration and production (E&P) company with currentprojects in Kansas and Oklahoma. As of March 15, 2012, theCompany has two producing wells in Kansas and six producing wellsin Oklahoma. It also has rights for the exploration andproduction of oil and gas on an aggregate of approximately 6,230acres in those states. This includes the Company's core assetswith rights to explore on 2,000 acres in Oklahoma, near the townof Ripley on the North Oklahoma Mississippi Project and a fortypercent (40%) working interest in 3,000 acres in south-centralOklahoma (the "South Oklahoma Lease").

AMERICAN SCIENTIFIC: Faces Chapter 7 Involuntary Case in Fla.-------------------------------------------------------------An involuntary petition under Chapter 7 of the United StatesBankruptcy Code was filed on Feb. 27, 2012, against AmericanScientific Resources, Incorporated, in the United StatesBankruptcy Court for the Southern District of Florida. No orderfor relief has been entered by the Bankruptcy Court nor has atrustee in bankruptcy been appointed by the U.S. Trustee. TheCompany does not intend to seek dismissal of this Petition.

As a result of this Chapter 7 proceeding, the Company will nolonger file periodic reports under the Securities Exchange Act of1934 and thus (i) its Common Stock will no longer be traded on theOver the Counter Bulletin Board, and (ii) its shares will nolonger be eligible for legend removal under Rule 144 for failureto continue to meet the current reporting requirement under Rule144.

Thomas W. Materna resigned from the board of directors of theCompany on Feb. 29, 2012. Robert T. Faber and Jason Roth resignedfrom the Board and as officers of the Company on March 15, 2012.Paul Cohen and Austin Kasinetz resigned from the Board onMarch 15, 2012. Howard Taylor remains as the sole director of theCompany and will function as its officer, by default, as allofficers have resigned.

On March 2, 2012, the Board received a letter from ChristopherTirotta, dated March 2, 2012, in which Dr. Tirotta informed theBoard that he was tendering his resignation as a member of theBoard effective Feb. 27, 2012. Dr. Tirotta's letter states thathis decision to resign was due to his disagreement with theCompany's entry into an asset purchase agreement with AmericanScientific Resources, Inc., on Feb. 23, 2012.

About American Scientific

Weston, Fla.-bases American Scientific Resources, Inc., provideshealthcare and medical products. The Company develops,manufactures and distributes healthcare and medical productsprimarily to retail drug chains, retail stores specializing insales of products for babies and medical supply dealers. TheCompany does sub-component assembly and packaging for theDisintegrator product line. All of the Company's other productsare manufactured by third parties. The Company was comprised ofthree subsidiaries: (i) Kidz-Med, Inc., (ii) HeartSmart, Inc., and(iii) Ulster Scientific, Inc., of which only Kidz-Med was activeuntil Dec. 31, 2010. All subsidiaries are currently inactive.

The Company reported a net loss applicable to common shareholdersof $6.92 million on $763,020 of net product sales for the ninemonths ended Sept. 30, 2011, compared with a net loss applicableto common shareholders of $4.78 million on $578,961 of net productsales for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed$1.26 million in total assets, $9.21 million in total liabilities,and a $7.95 million total shareholders' deficit.

Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey,expressed substantial doubt about American Scientific Resources'ability to continue as a going concern, following the Company's2010 results. The independent auditors noted that the Company hassuffered recurring losses, its current liabilities exceed itscurrent assets and it is in default with certain of itsobligations.

AMERICANWEST BANCORP: Seeks Extension for Amended Disclosures-------------------------------------------------------------BankruptcyData.com reports that Holdco Advisors filed with theU.S. Bankruptcy Court a motion to extend the deadline to file anamended Disclosure Statement for its proposed Chapter 11 Planfiled on behalf of AmericanWest Bancorporation and continue theDisclosure Statement hearing currently scheduled for April 26,2012 each by 30 days.

Holdco explains, "The proposed continuance will allow Holdco tocontinue negotiations with the various parties-in-interest in thiscase, including the various indenture trustees, in order to reduceor wholly eliminate the remaining contested issues regardingapproval of the Holdco Disclosure Statement."

The Chapter 11 Plan

According to the Disclosure dated Dec. 19, 2011, Holdco's Planprovides for the reorganization of the Debtor and for holders ofcertain Allowed Claims to receive equity in the ReorganizedDebtor, with the option for each holder of TOPrS Unsecured Claimsand General Unsecured Claims to receive instead a "cash out" rightof payment or a security that results in cash from certain of theDebtor's assets, including Cash held by the Reorganized Debtor asof the Effective Date. The Plan Proponent believes the Plan willmaximize the value of the estate. In order to effectuate theDistributions, the Plan provides that all of the assets of theDebtor's Estate (including Causes of Action not expressly releasedunder the Plan) will vest in the Reorganized Debtor, and that theformer officer and director causes of action will vest in the PlanTrust. The Reorganized Debtor will continue to operate theDebtor's business as a going concern in the real estate andfinancial services sectors, and will pursue litigation (with theexception of Former Officer and Director Causes of Action, whichwill be pursued by the Plan Trustee) and make Distributions underthe Plan. The new board will be appointed as of the EffectiveDate and will be responsible for implementing the Plan andoperating the business of the Reorganized Debtor.

On March 15, 2011, the Debtor filed its Plan of Distribution,pursuant to which the Debtor proposed to make distributions tocreditors and wind up the Debtor's affairs. The Liquidating Plancontemplated that, following the plan's effective date, theReorganized Debtor's board of directors would be reduced to oneindividual, with one remaining shareholder. The single remainingdirector was to act as distribution agent, and commencedistributions to all holders of allowed claims under theLiquidating Plan, which distributions would be made from the saleproceeds and remaining cash held in the Debtor's bank accounts.The distribution agent would then be responsible for winding upthe Debtor's business affairs. During a Nov. 3, 2011 statusconference, the Court authorized Holdco to submit a competing planwhich would be considered for confirmation alongside the Debtor?sLiquidating Plan.

The Debtor estimated assets of $1 million to $10 million and debtsof $10 million to $50 million in its Chapter 11 petition.AmericanWest Bancorporation's estimates exclude its banking unit'sassets and debts. In its Form 10-Q filed with the Securities andExchange Commission before the Petition Date, AmericanWestBancorporation reported consolidated assets -- including its bankunit's -- of $1.536 billion and consolidated debts of$1.538 billion as of Sept. 30, 2010.

In December 2010, AmericanWest completed the sale of alloutstanding shares of AmericanWest Bank to a wholly ownedsubsidiary of SKBHC Holdings LLC, in a transaction approved by theU.S. Bankruptcy Court.

The Debtor estimated assets of $1 million to $10 million and debtsof $10 million to $50 million in its Chapter 11 petition.AmericanWest Bancorporation's estimates exclude its banking unit'sassets and debts. In its Form 10-Q filed with the Securities andExchange Commission before the Petition Date, AmericanWestBancorporation reported consolidated assets -- including its bankunit's -- of $1.536 billion and consolidated debts of $1.538billion as of Sept. 30, 2010.

In December 2010, AmericanWest completed the sale of alloutstanding shares of AmericanWest Bank to a wholly ownedsubsidiary of SKBHC Holdings LLC, in a transaction approved by theU.S. Bankruptcy Court.

AMSCAN HOLDINGS: Reports $76.4 Million Net Income in 2011---------------------------------------------------------Amscan Holdings, Inc., filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing net income of$76.41 million on $1.87 billion of total revenues in 2011,compared with net income of $49.43 million on $1.59 billion oftotal revenues in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $1.75 billionin total assets, $1.38 billion in total liabilities, $36.94million in redeemable common securities, and $326.09 million intotal stockholders' equity.

Based in Road Elmsford, New York, Amscan Holdings, Inc., designs,manufactures, contracts for manufacture, and distributes partygoods, including paper and plastic tableware, metallic balloons,accessories, novelties, gifts and stationery. The Company alsooperates retail party goods and social expressions supply storesin the United States under the names Party City, Party America,The Paper Factory, Halloween USA and Factory Card & Party Outlet,and franchises both individual stores and franchise areasthroughout the United States and Puerto Rico principally under thenames Party City and Party America. The Company is a wholly ownedsubsidiary of AAH Holdings Corporation.

As reported in the TCR on Nov. 23, 2010, S&P affirmed the 'B'rating after the Company stated that it will use the proceeds fromthe proposed term loan facility to pay a roughly $310 millionspecial dividend to its equity sponsors and repay borrowings underits existing term loan facility ($342 million outstanding as ofSept. 30, 2010).

"The affirmation of Amscan's credit ratings reflect S&P's viewthat, following payment of its debt-financed dividend payment toits equity sponsors," said Standard & Poor's credit analyst LindaPhelps, "it will have a highly leveraged financial risk profileand its financial policy has become more aggressive."

ANTS SOFTWARE: Constantin Zdarsky Holds 21.3% Equity Stake----------------------------------------------------------In an amended Schedule 13G filing with the U.S. Securities andExchange Commission, Constantin Zdarsky disclosed that, as ofAug. 3, 2011, be beneficially owns 39,286,099 shares of CommonStock of ANTs software, inc., representing 21.3% of the sharesoutstanding. A copy of the filing is available for free at:

The Company's balance sheet at March 31, 2011, showed$27.2 million in total assets, $52.3 million in total liabilities,and a stockholders' deficit of $25.1 million.

As reported in the TCR on April 8, 2011, WeiserMazars LLP, in NewYork, expressed substantial doubt about ANTs software's ability tocontinue as a going concern, following the Company's 2010 results.The independent auditors noted that the Company has incurredsignificant recurring operating losses, decreasing liquidity, andnegative cash flows from operations.

ARCADIA RESOURCES: M. Richardson Quits as CEO, Pres. and Director-----------------------------------------------------------------Marvin R. Richardson, President & CEO and a director of ArcadiaResources, Inc., resigned as President & CEO and a director of theCompany effective March 16, 2012, to accept employment withMedication Adherence Solutions, LLC.

On Feb. 17, 2012, MAS purchased substantially all of the assets ofthe Company's Pharmacy segment. In connection with thistransaction, the Company and MAS entered into a ManagementServices Agreement. As reported on the Company's Current Reporton Form 8-K dated Dec. 6, 2011, the Management Services Agreementautomatically terminates when Mr. Richardson is no longer employedby the Company and he becomes employed by MAS. Mr. Richardson'sresignation from the Company and employment by MAS resulted in atermination of the Management Services Agreement.

The Company's Board of Directors has determined not to fill theposition of President & CEO at this time. Steven L. Zeller, ChiefOperating Officer and General Counsel, and Matthew R. Middendorf,Chief Financial Officer, Treasurer and Secretary, will jointlymanage the Company effective immediately.

The Board of Directors has elected Mr. Zeller and Mr. Middendorfto the Company?s Board of Directors effective immediately.

As previously reported, prior to April 4, 2011, Mr. Zeller had abeneficial ownership interest in an affiliated agency and therebyhad an interest in the affiliate's transactions with the Company,including the payments of commissions to the affiliate based on aspecified percentage of gross margin. The terms of thesetransactions were consistent with the affiliate agreement, whichwas entered into on Aug. 13, 2006, prior to the time Mr. Zellerbecame an executive officer of the Company. Commissions totaled$194,000 and $598,000 for the three- and nine-month periods endedDec. 31, 2010, respectively. On April 4, 2011, the Companypurchased substantially all of the assets of the affiliate and theaffiliate's interest in its affiliate agreement as required by theaffiliate agreement for total consideration of $890,000 pursuantto the purchase price formula contained in the affiliateagreement. Of the purchase price, $297,000 was paid in cash atthe closing and the Company entered into a promissory note for theremaining $593,000. The Company incurred interest expense relatedto the debt in the amount of $15,000 and $45,000 during the three-and nine-month periods ended Dec. 31, 2011, respectively.

About Arcadia HealthCare

Arcadia HealthCare is a service mark of Arcadia Resources, Inc.(nyse amex:KAD), and is a leading provider of home care, medicalstaffing and pharmacy services under its proprietary DailyMedprogram. The Company, headquartered in Indianapolis, Indiana, has65 locations in 18 states. Arcadia HealthCare's comprehensivesolutions and business strategies support the Company's vision of"Keeping People at Home and Healthier Longer."

The Company reported a net loss of $15.76 million for the ninemonths ended Dec. 31, 2011. The Company had a net loss of $14.35million for the fiscal year ended March 31, 2011, following a netloss of $31.09 million in the preceding year.

The Company's balance sheet at Dec. 31, 2011, showed$15.93 million in total assets, $51.50 million in totalliabilities, and a $35.57 million total stockholders' deficit.

BDO USA, LLP, in Troy, Michigan, expressed substantial doubt aboutArcadia Resources' ability to continue as a going concern. Theindependent auditors noted that the Company has suffered recurringlosses from operations and has a net capital deficiency.

Bankruptcy Warning

On Sept. 13, 2011, the Company and three of Arcadia Services,Inc.'s wholly-owned subsidiaries, as borrowers, received a letterfrom Comerica stating that they failed to comply with certaincovenants under the credit agreement because as of July 31, 2011.

Comerica informed the Borrowers that Comerica has no obligation tomake further advances under the credit facility and that futureadvances will be subject to the sole discretion of Comerica.Comerica has not sought to accelerate the repayment of theindebtedness or to foreclose on any of the security interests.While Comerica continues to make advances under the creditfacility and the Company expects that advances will continue to bemade, there can be no assurances that Comerica will exercise itsdiscretion to make further advances or that Comerica will notaccelerate the repayment of the indebtedness. Should Comerica notcontinue to provide advances under the credit facility, theCompany and the Borrowers would not have access to the fundsneeded to operate the business. In that event, the Company wouldbe forced to consider alternative sources of liquidity to operatethe business, which may require them to commence a proceedingunder the federal bankruptcy laws to cause Comerica to provideaccess funds under the Credit Agreement.

As reported in the March 23, 2012 edition of the TCR, ArcapitaBank B.S.C.(c) and certain of its debtor-subsidiaries are askingthe U.S. Bankruptcy Court in Manhattan to enter an orderenforcing, restating, and restraining any action taken incontravention of the automatic stay and the provisions in theBankruptcy Code and preventing the enforcement of ipso factoclauses against the Debtors. Such an order, the Debtors said,will ensure that their operations are not disrupted byenforcement actions or the exercise of self-help remediesinitiated by foreign creditors outside the United States.

The Debtors said they have borrowed more than US$1 billion fromfinancial and other institutions. While many of theseinstitutions have connections with the United States, man y donot. In addition, the Debtors have foreign operations withpotentially large numbers of foreign creditors and counterpartiesto contracts who may be unaware of the global-reachingprohibitions and restrictions of the Bankruptcy Code. Inparticular, the Foreign Creditors may be unfamiliar with theoperation of the automatic stay and other provisions of theBankruptcy Code, including the stay on enforcement of ipso factoclauses.

Due to this unfamiliarity, on or after the Petition Date, certainForeign Creditors may attempt to seize assets located outside ofthe United States to the detriment of the Debtors, their estates,and creditors, or take other actions in contravention of theautomatic stay under section 362 of the Bankruptcy Code. Inaddition, upon learning of the Chapter 11 cases, Foreign Creditorcounterparties to unexpired leases and executory contracts mayattempt to terminate those leases or contracts due to thecommencement of the Chapter 11 cases.

About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment BankB.S.C., along with affiliates, filed for Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March19, 2012. The Debtors said they do not have the liquiditynecessary to repay a US$1.1 billion syndicated unsecured facilitywhen it comes due on March 28, 2012.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliant alternative investments and operates as an investmentbank. Arcapita is not a domestic bank licensed in the UnitedStates. Arcapita is headquartered in Bahrain and is regulatedunder an Islamic wholesale banking license issued by the CentralBank of Bahrain. The Arcapita Group employs 268 people and hasoffices in Atlanta, London, Hong Kong and Singapore in additionto its Bahrain headquarters. The Arcapita Group's principalactivities include investing on its own account and providinginvestment opportunities to third-party investors in conformitywith Islamic Shari'ah rules and principles.

The Arcapita Group currently has roughly US$7 billion in assetsunder management. On a consolidated basis, the Arcapita Groupowns assets valued at roughly US$3.06 billion and has liabilitiesof roughly US$2.55 billion. The Debtors owe US$96.7 millionunder two secured facilities made available by Standard CharteredBank.

Arcapita explored out-of-court restructuring scenarios. TheDebtors, however, have been unable to achieve 100% lender consentrequired to effectuate the terms of an out-of-courtrestructuring.

Subsequent to the Chapter 11 filing, Arcapita Investment HoldingsLimited, a wholly owned Debtor subsidiary of Arcapita in theCayman Islands, issued a summons seeking ancillary relief fromthe Grand Court of the Cayman Islands with a view to facilitatingthe Chapter 11 cases. AIHL sought the appointment of ZolfoCooper as a provisional liquidator.

ARCTIC GLACIER: Judge Approves Chapter 15 Bankruptcy Petition-------------------------------------------------------------Dow Jones' DBR Small Cap reports that a judge affirmed packagedice company Arctic Glacier International Inc.'s right to receivethe benefits of Chapter 15 protection in the U.S. as itsrestructuring plays out in Canada.

Arctic Glacier has been under fire since 2007, when the governmentwent after Reddy Ice, Arctic and privately owned Home City Ice,for an alleged conspiracy to eliminate smaller competition andkeep retail prices higher than market levels.

About Arctic Glacier

Arctic Glacier Income Fund, through its operating company, ArcticGlacier Inc., is a leading producer, marketer and distributor ofhigh-quality packaged ice in North America, primarily under thebrand name of Arctic Glacier(R) Premium Ice. Arctic Glacieroperates 39 production plants and 48 distribution facilitiesacross Canada and the northeast, central and western United Statesservicing more than 75,000 retail locations.

Arctic Glacier Income Fund trust units are listed on the TorontoStock Exchange under the trading symbol AG.UN. There are currently39.0 million trust units outstanding. Following the issuance ofunits to the Debenture holders on August 2, 2011, there will be350.3 million trust units outstanding.

Arctic Glacier had assets of $65 million and liabilities of$240 million as of Sept. 30, 2011.

AUSTIN CONVENTION: S&P Affirms 'BB+' Rating on $165M 2006A Bonds----------------------------------------------------------------Standard & Poor's Ratings Services revised its rating outlook topositive from stable on Austin Convention Center EnterprisesInc.'s $165 million first-tier revenue bonds series 2006A and$95.17 million second-tier revenue bonds series 2006B. Standard &Poor's also affirmed its 'BB+' rating on the series 2006A bondsand its 'BB-' rating on the series 2006B bonds. "We also revisedthe recovery rating on the series 2006A bonds to '3' from '4',indicating our anticipation of meaningful (50% to 70%) recovery ofprincipal in a default scenario. The recovery rating on the series2006B bonds is unchanged at '6'," S&P said.

AZURE DYNAMICS: Hopes to Resume Production After Bankruptcy Filing------------------------------------------------------------------Dow Jones' DBR Small Cap reports that Azure Dynamics Corp., aproducer of electric delivery vans and a partner of Ford MotorCo., said it is in talks with customers and suppliers to see if itcan find a way to resume production following bankruptcy filing inCanada.

About Azure Dynamics Corp.

Azure Dynamics Corporation -- http://www.azuredynamics.com/-- considered itself a world leader in the development and productionof hybrid electric and electric components and powertrain systemsfor light and medium duty commercial vehicles. Azure targets thecommercial delivery vehicle and shuttle bus markets and iscurrently working internationally with a variety of partners andcustomers. The Company is committed to providing customers andpartners with innovative, cost-efficient, and environmentally-friendly energy management solutions.

On March 26, 2012, the Company and its affiliates filed a petitionin the Supreme Court of British Columbia for an initial orderunder the Companies' Creditors Arrangement Act.

As of Dec. 31, 2011, the Azure Group had total, consolidatedassets with a net book value of $42.475 million, comprisingcurrent assets of $31.18 million and non-current assets of$11.30 million. As at Dec. 31, 2011, the Azure Group had total,consolidated liabilities of $29.20 million, comprising currentliabilities of $20.6 million and non-current liabilities of$8.58 million.

"At the same time, the 'CCC+' issue-level rating (two notcheslower than the 'B' corporate credit rating) and '6' recoveryrating on the company's $165 million 11.5% second-priority seniorsecured notes due July 1, 2013 remain unchanged. The '6' recoveryrating indicates our expectation of negligible (0% to 10%)recovery for noteholders in the event of a payment default," S&Psaid.

"The ratings on privately held Baker & Taylor reflect ourexpectations that the physical and digital book and entertainmentdistributor's operating and financial performance will remain ator near current levels, despite some revenue pressure," saidStandard & Poor's credit analyst Jayne Ross.

"Our outlook on Baker & Taylor is stable. We expect the company tomaintain margins and profitability measures, despite negative toflat sales growth for the remainder of fiscal 2012 and into fiscal2013," S&P said.

"We could take a negative rating action if the company has notrefinanced its upcoming maturity by September 2012. We could alsodo so if Baker & Taylor's liquidity position deteriorates or itloses a major customer, resulting in much lower EBITDA and,consequently, higher debt leverage. In addition, if revenuesdecline in the mid- to high-single-digit range and gross margincontracts by 50 basis points (bps)or more, or some combination ofthe two, then we estimate that leverage would likely climb to the6.5x area and we would consider lowering the rating," S&P said.

"We could raise the rating if we see meaningful new customeradditions resulting in improved operating performance and creditprotection measures, including debt leverage of 4x or less. Weestimate that this could occur if we see a combination of positivesales growth, gross margin improvement (150 bps or more), orfurther debt reduction," S&P said.

"The CreditWatch placement reflects our view of the larger-than-expected net loss of EUR614 million that the bank posted on March27, 2012. Excluding goodwill impairment, we understand that thenet loss was close to EUR300 million. Excluding both goodwillimpairment and nonrecurring expenses, the net loss was EUR176million," S&P said.

"We consider that the announced loss will have a negative impacton our capital measures and, as a result, the bank may not meetour expectations for the current ratings. We previously expectedthat BPM would be able to maintain a Standard & Poor's risk-adjusted capital (RAC) ratio of close to 7%, even after takinginto account the reimbursement of a EUR500 million governmenthybrid security (Tremonti Bond) at the end of 2012. As a result ofthe reported loss, we now estimate that the bank's RAC ratio wouldbe about 6.3% after the reimbursement. This is well below the 7%minimum level associated with an 'adequate' assessment of capitalunder our criteria," S&P said.

"In our view, BPM faces several challenges to improving itsfinancial profile over the next two years. In this context, weintend to assess the likely impact of the new strategy that weunderstand BPM's new management intends to establish. In addition,the 2011 loss includes an increase in loan-loss provisions as wellas volatile and potentially reversible trading losses. Finally, webelieve the loss could create uncertainty with regard to BPM'sfuture capital policy and the potential timing of thereimbursement of the Tremonti bond," S&P said.

"We therefore intend to review management's plans for the bank'sfuture capital policy, the control of asset quality in arecessionary environment, and the prospects for an improvement inthe bank's underlying profitability, which is currently weakerthan its domestic peers. In particular, we will focus on the newmanagement's plans to reduce costs and improve efficiency, whichwould, in our view, represent a significant departure from thestrategic focus of previous management," S&P said.

"Our ratings on BPM reflect our 'bbb' anchor for banks operatingin Italy and a stand-alone credit profile (SACP) of 'bbb-'.Depending on the outcome of our review of the bank, we couldrevise our assessments of the bank's 'adequate' capital andearnings, and 'adequate' risk position, as our criteria definethese terms. We consider that BPM continues to have a 'moderate'business position, 'average' funding, and 'adequate' liquidity,"S&P said.

"We consider BPM to have 'moderate' systemic importance and theItalian government to be 'supportive' of its banking sector. Weevaluate the likelihood of systemic support for BPM as 'moderate',but do not incorporate any uplift into the long-term rating fromthe SACP, given the long-term rating on the Republic of Italy(BBB+/Negative/A-2 unsolicited ratings)," S&P said.

"We intend to resolve the CreditWatch in the next three months,after meeting with the bank's management in order to assess itsplans for the bank's future capital strategy, control of assetquality, and future profitability, particularly with regard topotential cost savings," S&P said.

S&P could affirm the ratings if:

* BPM's management team establishes a clear cost-cutting agenda that would likely lead to significant improvement in the bank's efficiency over the next couple of years.

* BPM's asset quality metrics stabilize in 2012 and 2013, after the extraordinary provisioning the bank made in 2011, and if they remain better than the average of its domestic peers.

* "The bank takes action to strengthen its capital and reduce its risk assets so that our RAC ratio would likely reach a 7% level within 18-24 months. If we do not see improvements in the above areas, we would likely lower the long- and short-term ratings by one notch to 'BB+/B'," S&P said.

BANKATLANTIC BANCORP: Incurs $28.7 Million Net Loss in 2011-----------------------------------------------------------BankAtlantic Bancorp, Inc., filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing anet loss of $28.74 million on $141.32 million of total interestincome in 2011, a net loss of $143.25 million on $176.31 millionof total interest income in 2010, and a net loss of $185.82million on $223.59 million of total interest income in 2009.

The Company's balance sheet at Dec. 31, 2011, showed $3.67 billionin total assets, $3.69 billion in total liabilities and a $16.92million total deficit.

BankAtlantic Bancorp (NYSE: BBX) --http://www.BankAtlanticBancorp.com/-- is a bank holding company and the parent company of BankAtlantic. BankAtlantic --"Florida's Most Convenient Bank" with a Web presence athttp://www.BankAtlantic.com/-- has nearly $6.0 billion in assets and more than 100 stores, and is one of the largest financialinstitutions headquartered junior in Florida. BankAtlantic hasbeen serving communities throughout Florida since 1952 andcurrently operates more than 250 conveniently located ATMs.

* * *

As reported by the TCR on March 1, 2011, Fitch has affirmed itscurrent Issuer Default Ratings for BankAtlantic Bancorp and itsmain subsidiary, BankAtlantic FSB at 'CC'/'C' following theannouncement regarding the regulatory order with the Office ofThrift Supervision.

BankAtlantic has announced that it has entered into a Cease andDesist Order with the OTS at both the bank and holding companylevel. The regulatory order includes increased regulatory capitalrequirements, limits to the size of the balance sheet, no newcommercial real estate lending and improvements to its credit riskand administration areas. Further, the holding company must alsosubmit a capital plan to maintain and enhance its capitalposition.

According to the report, the potential buyer, The GladdenCorporation of Burlingame, would buy the property if it haspermission to build a senior care community. A hearing isscheduled for April 20 in the United States Bankruptcy Court inSanta Rosa, California. Barrel Stop, which is also known asDominari, will ask for permission to sell its 11.5-acre propertyon Trancas, opposite Silverado Plaza.

The report notes the assets include the winery, a 4,000-square-foot barn, a 1,100 square-foot apartment, winery equipment,inventory and other assets. The winery is in unincorporated NapaCounty, just outside the Napa city limits, on land zoned"agricultural watershed."

BEACON POWER: Seeks Mediation in $6-Mil. DOE Fee Dispute--------------------------------------------------------Steven Melendez at Bankruptcy Law360 reports that Beacon PowerCorp. on Friday asked a Delaware bankruptcy court to ordermediation of its dispute with the U.S. government, a majorcreditor, over more than $6 million in fees for Brown Rudnick LLPand other professional services firms.

Law360 relates that the fees include more than $2.3 million billedby Brown Rudnick, $216,000 charged by Potter Anderson & CorroonLLP and $1 million charged by financial advisers CRG PartnersGroup LLP in connection with the bankruptcy.

Beacon Power is the second cleantech company which has been backedby the U.S. Department of Energy via loan guarantees to fail thisyear. The first was Solyndra, which declared Chapter 11bankruptcy on Sept. 6, 2011.

Roberta A. DeAngelis, the United States Trustee for Region 3,appointed four unsecured creditors to serve on the OfficialCommittee of Unsecured Creditors of Beacon Power.

BERNARD L. MADOFF: New Lawsuits Seek More $200MM++ From Investors-----------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that with the New YorkMets situation out of the way, the trustee liquidating BernardMadoff's investment firm continues to pursue his "clawbacks"against less-publicized former Madoff clients, filing seven newlawsuits seeking a total of more than $200 million from banks andinvestment firms.

About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNew York granted the application of the Securities InvestorProtection Corporation for a decree adjudicating that thecustomers of BLMIS are in need of the protection afforded by theSecurities Investor Protection Act of 1970. The District Court'sProtective Order (i) appointed Irving H. Picard, Esq., as trusteefor the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLPas his counsel, and (iii) removed the SIPA Liquidation proceedingto the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)(Lifland, J.). Mr. Picard has retained AlixPartners LLP as claimsagent.

On April 13, 2009, former BLMIS clients filed an involuntaryChapter 7 bankruptcy petition against Bernard Madoff (Bankr.S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. Thepetitioning creditors -- Blumenthal & Associates Florida GeneralPartnership, Martin Rappaport Charitable Remainder Unitrust,Martin Rappaport, Marc Cherno, and Steven Morganstern -- assertUS$64 million in claims against Mr. Madoff based on the balancescontained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan. In June2009, Judge Lifland approved the consolidation of the Madoff SIPAproceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to150 years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 17, 2012 and in the 38 months since his appointment,the SIPA Trustee has recovered or entered into agreements torecover more than $9 billion, representing roughly 52% of theroughly $17.3 billion in principal estimated to have been lost inthe Ponzi scheme by BLMIS customers who filed claims. Therecoveries exceed prior restitution efforts related to Ponzischemes both in terms of dollar value and percentage of stolenfunds recovered. Pro rata distributions from the Customer Fund toBLMIS customers whose claims have been allowed by the SIPA Trusteetotaled $325.7 million.

Mr. Picard has filed 1,000 lawsuits seeking $100 billion frombanks such as HSBC Holdings Plc and JPMorgan Chase & Co. Thetrustee has seen more than $28 billion of his claims tossed bydistrict judges.

Bernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNew York granted the application of the Securities InvestorProtection Corporation for a decree adjudicating that thecustomers of BLMIS are in need of the protection afforded by theSecurities Investor Protection Act of 1970. The District Court'sProtective Order (i) appointed Irving H. Picard, Esq., as trusteefor the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLPas his counsel, and (iii) removed the SIPA Liquidation proceedingto the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)(Lifland, J.). Mr. Picard has retained AlixPartners LLP as claimsagent.

On April 13, 2009, former BLMIS clients filed an involuntaryChapter 7 bankruptcy petition against Bernard Madoff (Bankr.S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. Thepetitioning creditors -- Blumenthal & Associates Florida GeneralPartnership, Martin Rappaport Charitable Remainder Unitrust,Martin Rappaport, Marc Cherno, and Steven Morganstern -- assertUS$64 million in claims against Mr. Madoff based on the balancescontained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan. In June2009, Judge Lifland approved the consolidation of the Madoff SIPAproceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to150 years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 17, 2012 and in the 38 months since his appointment,the SIPA Trustee has recovered or entered into agreements torecover more than $9 billion, representing roughly 52% of theroughly $17.3 billion in principal estimated to have been lost inthe Ponzi scheme by BLMIS customers who filed claims. Therecoveries exceed prior restitution efforts related to Ponzischemes both in terms of dollar value and percentage of stolenfunds recovered. Pro rata distributions from the Customer Fund toBLMIS customers whose claims have been allowed by the SIPA Trusteetotaled $325.7 million.

Mr. Picard has filed 1,000 lawsuits seeking $100 billion frombanks such as HSBC Holdings Plc and JPMorgan Chase & Co. Thetrustee has seen more than $28 billion of his claims tossed bydistrict judges.

BERNARD L. MADOFF: Trustee Renews Fight Against UniCredit---------------------------------------------------------Eric Hornbeck at Bankruptcy Law360 reports that Bernard L.Madoff's bankruptcy trustee on Wednesday refused to admit defeatand appealed a New York federal court's dismissal of racketeeringclaims against UniCredit SpA and an affiliate for allegedlyhelping an Austrian banker funnel money to Madoff's Ponzi scheme.

Bernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNew York granted the application of the Securities InvestorProtection Corporation for a decree adjudicating that thecustomers of BLMIS are in need of the protection afforded by theSecurities Investor Protection Act of 1970. The District Court'sProtective Order (i) appointed Irving H. Picard, Esq., as trusteefor the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLPas his counsel, and (iii) removed the SIPA Liquidation proceedingto the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)(Lifland, J.). Mr. Picard has retained AlixPartners LLP as claimsagent.

On April 13, 2009, former BLMIS clients filed an involuntaryChapter 7 bankruptcy petition against Bernard Madoff (Bankr.S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. Thepetitioning creditors -- Blumenthal & Associates Florida GeneralPartnership, Martin Rappaport Charitable Remainder Unitrust,Martin Rappaport, Marc Cherno, and Steven Morganstern -- assertUS$64 million in claims against Mr. Madoff based on the balancescontained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan. In June2009, Judge Lifland approved the consolidation of the Madoff SIPAproceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to150 years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 17, 2012 and in the 38 months since his appointment,the SIPA Trustee has recovered or entered into agreements torecover more than $9 billion, representing roughly 52% of theroughly $17.3 billion in principal estimated to have been lost inthe Ponzi scheme by BLMIS customers who filed claims. Therecoveries exceed prior restitution efforts related to Ponzischemes both in terms of dollar value and percentage of stolenfunds recovered. Pro rata distributions from the Customer Fund toBLMIS customers whose claims have been allowed by the SIPA Trusteetotaled $325.7 million.

Mr. Picard has filed 1,000 lawsuits seeking $100 billion frombanks such as HSBC Holdings Plc and JPMorgan Chase & Co. Thetrustee has seen more than $28 billion of his claims tossed bydistrict judges.

BERNARD L. MADOFF: Swiss Bank Wants Suit Out of Bankruptcy Court----------------------------------------------------------------Lisa Uhlman at Bankruptcy Law360 reports that a Swiss bank soughtTuesday to remove from bankruptcy court a suit brought by theliquidating trustee for Bernard Madoff's investment firm seeking$37.3 million in allegedly fraudulent transfers from the estate,saying the suit invokes substantial questions of nonbankruptcylaw.

Bernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNew York granted the application of the Securities InvestorProtection Corporation for a decree adjudicating that thecustomers of BLMIS are in need of the protection afforded by theSecurities Investor Protection Act of 1970. The District Court'sProtective Order (i) appointed Irving H. Picard, Esq., as trusteefor the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLPas his counsel, and (iii) removed the SIPA Liquidation proceedingto the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)(Lifland, J.). Mr. Picard has retained AlixPartners LLP as claimsagent.

On April 13, 2009, former BLMIS clients filed an involuntaryChapter 7 bankruptcy petition against Bernard Madoff (Bankr.S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. Thepetitioning creditors -- Blumenthal & Associates Florida GeneralPartnership, Martin Rappaport Charitable Remainder Unitrust,Martin Rappaport, Marc Cherno, and Steven Morganstern -- assertUS$64 million in claims against Mr. Madoff based on the balancescontained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan. In June2009, Judge Lifland approved the consolidation of the Madoff SIPAproceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to150 years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 17, 2012 and in the 38 months since his appointment,the SIPA Trustee has recovered or entered into agreements torecover more than $9 billion, representing roughly 52% of theroughly $17.3 billion in principal estimated to have been lost inthe Ponzi scheme by BLMIS customers who filed claims. Therecoveries exceed prior restitution efforts related to Ponzischemes both in terms of dollar value and percentage of stolenfunds recovered. Pro rata distributions from the Customer Fund toBLMIS customers whose claims have been allowed by the SIPA Trusteetotaled $325.7 million.

Mr. Picard has filed 1,000 lawsuits seeking $100 billion frombanks such as HSBC Holdings Plc and JPMorgan Chase & Co. Thetrustee has seen more than $28 billion of his claims tossed bydistrict judges.

BERNARD L. MADOFF: Calif.'s Harris Has Chance to Pursue Lawsuit---------------------------------------------------------------American Bankruptcy Institute reports that California AttorneyGeneral Kamala Harris may have a better chance of winning theright to pursue her lawsuit to recoup illegal profit from BernardMadoff's fraud than creditors who were overridden by a bankruptcytrustee.

About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madofforchestrated the largest Ponzi scheme in history, with lossestopping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.Stanton of the U.S. District Court for the Southern District ofNew York granted the application of the Securities InvestorProtection Corporation for a decree adjudicating that thecustomers of BLMIS are in need of the protection afforded by theSecurities Investor Protection Act of 1970. The District Court'sProtective Order (i) appointed Irving H. Picard, Esq., as trusteefor the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLPas his counsel, and (iii) removed the SIPA Liquidation proceedingto the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)(Lifland, J.). Mr. Picard has retained AlixPartners LLP as claimsagent.

On April 13, 2009, former BLMIS clients filed an involuntaryChapter 7 bankruptcy petition against Bernard Madoff (Bankr.S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. Thepetitioning creditors -- Blumenthal & Associates Florida GeneralPartnership, Martin Rappaport Charitable Remainder Unitrust,Martin Rappaport, Marc Cherno, and Steven Morganstern -- assertUS$64 million in claims against Mr. Madoff based on the balancescontained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed MadoffSecurities International Limited in London under bankruptcyprotection pursuant to Chapter 15 of the U.S. Bankruptcy Code(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan. In June2009, Judge Lifland approved the consolidation of the Madoff SIPAproceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the SouthernDistrict of New York on June 29, 2009, sentenced Mr. Madoff to150 years of life imprisonment for defrauding investors in UnitedStates v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of Feb. 17, 2012 and in the 38 months since his appointment,the SIPA Trustee has recovered or entered into agreements torecover more than $9 billion, representing roughly 52% of theroughly $17.3 billion in principal estimated to have been lost inthe Ponzi scheme by BLMIS customers who filed claims. Therecoveries exceed prior restitution efforts related to Ponzischemes both in terms of dollar value and percentage of stolenfunds recovered. Pro rata distributions from the Customer Fund toBLMIS customers whose claims have been allowed by the SIPA Trusteetotaled $325.7 million.

Mr. Picard has filed 1,000 lawsuits seeking $100 billion frombanks such as HSBC Holdings Plc and JPMorgan Chase & Co. Thetrustee has seen more than $28 billion of his claims tossed bydistrict judges.

Berry is an independent oil and gas producer whose roots traceback to the development of Southern California's heavy oil fields,where it remains the state's fifth largest producer. Essentiallynow diversified across three oil producing basins, the company hasadded acreage acquisitions in Utah's Uinta Basin and the TexasPermian Basin; it also produces natural gas in East Texas and inthe Piceance Basin. Additionally, Berry generates revenue from thesale of electricity from its three cogeneration plants in SouthernCalifornia, which supply steam for enhanced oil recovery (EOR) atthe company's heavy oil operations in that state.

With 70% of Berry's 35,700 boe per day of 2011 productioncomprised of liquids, Berry is well-poised to realize significantcash flow generation for at least the next several years based onMoody's expectation of a sustained high oil price environment. Theproduction at the legacy California assets is almost entirelyliquids and is long-lived, and has provided a steady stream ofcash flow which the company has used to fund the development ofits other assets. The company is also well positioned to takeadvantage of unconventional drilling techniques in the PermianBasin.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a one notchupgrade.

The principal methodology used in rating Berry was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Berry is a mid-sized independent E&P company headquartered inDenver, Colorado.

BEYOND OBLIVION: Licensors Objects to Proposed Asset Sale---------------------------------------------------------Lisa Uhlman at Bankruptcy Law360 reports that three technologylicensors to Beyond Oblivion Inc. filed a limited objectionThursday to the debtor's proposed sale to auction winner GeeBeyond Holdings LLC, saying they don't consent to the assignmentof their nontransferable licenses to the buyer.

Intertrust Technologies Corp., Seacert Corp. and Marlin TrustManagement Organization LLC, identified collectively as the DRMTechnology Licensors, objected to the proposed sale of potentiallyall the debtor's assets to Gee Beyond, which came out the victorin a March 20 auction, according to Law360.

About Beyond Oblivion

Beyond Oblivion Inc. is a digital music startup that raised $87million from investors like Rupert Murdoch's News Corp andinvestment bank Alle & Co. director Snaley Shuman. BeyondOblivion aimed to compete with Apple Inc.'s iTunes but its musicservice never saw the light of day.

Beyond Oblivion Inc. filed for Chapter 11 bankruptcy protection(Bankr. S.D.N.Y. Case No. 12-10282) on Jan. 24, 2012, estimatingassets of between $1 million and $10 million, and debts of between$100 million to $500 million.

The Company owes $50 million each to Sony Music Entertainment andWarner Music Group in unsecured 'trade debt.'

Biomet is currently rated B2 with a stable outlook. Following its2007 LBO, Biomet's ratings remain constrained by its very highleverage. This, along with weak financial strength and financialpolicy ratios - several of which are positioned in the "Caa"category - represent key credit risks. In particular, interestcoverage has remained negligible since the LBO, and the company'sfree cash flow generation has been extremely limited. However, therating also considers the company's relatively large size comparedto other B2 companies and long term prospects for demandassociated with an aging population. While the industry hashistorically benefited from general stability, Moody's expectsongoing pricing and volume pressure because of the weak economy,hospital and insurance push-back and high levels of competition.The reconstructive market will continue to evolve to one whereproduct innovation is more critical; thus Moody's anticipateshigher R&D spending and potentially greater movement of marketshare in certain product lines over time.

The stable outlook reflects Biomet's solid positioning within theB2 category. Although leverage remains very high, the outlookincorporates Moody's expectation that top-line growth rates willremain at or recover to at least market levels, supported by newproduct launches. A large debt financed transaction, a recallaction or material loss in market share that results in higherleverage or declining cash flow such that EBITA/interestapproaches 1.0 times or debt/EBITDA exceeds 7.0 times, couldresult in a downgrade. If the company is able to demonstrate itsability to sustain at or above-market growth rates in core hipsand knees and continue deleveraging such that ratios in at leastthe mid-"B" range (debt/EBITDA in the 5.0 times range and FCF/debtof about 5%) appear sustainable, the ratings could be upgraded.

The principal methodology used in rating Biomet, Inc. was theGlobal Medical Products & Device Industry Methodology published inOctober 2009. Other methodologies used include Loss Given Defaultfor Speculative-Grade Non-Financial Companies in the U.S., Canadaand EMEA published in June 2009.

BIOVEST INTERNATIONAL: Offering $5 Million of Securities--------------------------------------------------------Biovest International, Inc., filed with the U.S. Securities andExchange Commission a Form S-1 registration statement relating tothe offering of an indeterminate number of units, each unitconsisting of one share of the Company's common stock, par value$0.01 per share, and 0.5 of a warrant to purchase one share of theCompany's common stock.

The units will separate immediately, the common stock and thewarrants will be issued separately, and the common stock willtrade separately.

The Company is not required to sell any specific dollar amount ornumber of units, but it will use its best efforts to sell all ofthe units being offered.

The Company's common stock is currently quoted on the OTCQB underthe symbol "BVTI". The Company does not intend to apply to listthe warrants on any securities exchange or market. On March 29,2012, the last reported sale price of the Company's common stockon the OTCQB was $0.58 per share.

Biovest International, Inc. -- http://www.biovest.com/-- is an emerging leader in the field of active personalizedimmunotherapies. In collaboration with the National CancerInstitute, Biovest has developed a patient-specific, cancervaccine, BiovaxID(R), with three clinical trials completed,including a Phase III study, demonstrating evidence of safety andefficacy for the treatment of indolent follicular non-Hodgkin'slymphoma.

Headquartered in Tampa, Florida, with its bio-manufacturingfacility based in Minneapolis, Minnesota, Biovest is publicly-traded on the OTCQB(TM) Market with the stock-ticker symbol"BVTI", and is a majority-owned subsidiary of AccentiaBiopharmaceuticals, Inc. (OTCQB: "ABPI").

CHERRY, BEKAERT, & HOLLAND L.L.P., in Tampa, Fla., expressedsubstantial doubt about the Company's ability to continue as agoing concern. The independent auditors noted that the Companyincurred cumulative net losses since inception of approximately$161 million and cash used in operating activities ofapproximately $4.6 million during the two years ended Sept. 30,2011, and had a working capital deficiency of approximately$2.2 million at Sept. 30, 2011.

The Company reported a net loss of $15.28 million on $3.88 millionof total revenue for the year ended Sept. 30, 2011, compared witha net loss of $8.58 million on $5.35 million of total revenueduring the prior year.

The Company's balance sheet at Dec. 31, 2011, showed $5.27 millionin total assets, $38.90 million in total liabilities, and a$33.63 million total stockholders' deficit.

BIOZONE PHARMACEUTICALS: Delays Form 10-K for 2011--------------------------------------------------Biozone Pharmaceuticals, Inc., notified the U.S. Securities andExchange Commission that it will be late in filing its AnnualReport on Form 10-K for the period ended Dec. 31, 2011. Thecompilation, dissemination and review of the information requiredto be presented in the Form 10-K for the relevant year has imposedtime constraints that have rendered timely filing of the Form 10-Kimpracticable without undue hardship and expense to the Company.The Company undertakes the responsibility to file that annualreport no later than fifteen days after its original due date.

About Biozone Pharmaceuticals

Biozone Pharmaceuticals, Inc., formerly, International SurfResorts, Inc., was incorporated under the laws of the State ofNevada on Dec. 4, 2006, to operate as an internet-based providerof international surf resorts, camps and guided surf tours. TheCompany proposed to engage in the business of vacation real estateand rentals related to its surf business and it owns the websiteisurfresorts.com. During late February 2011, the Company began toexplore alternatives to its original business plan. On Feb. 22,2011, the prior officers and directors resigned from theirpositions and the Company appointed a new President, Director,principal accounting officer and treasurer and began to pursueopportunities in medical and pharmaceutical technologies andproducts. On March 1, 2011, the Company changed its name toBiozone Pharmaceuticals, Inc.

Since March 2011, the Company has been engaged primarily inseeking opportunities related to its intention to engage inmedical and pharmaceutical businesses. On May 16, 2011, theCompany acquired substantially all of the assets and assumed allof the liabilities of Aero Pharmaceuticals, Inc., pursuant to anAsset Purchase Agreement dated as of that date. Aero manufacturesmarkets and distributes a line of dermatological products underthe trade name of Baker Cummins Dermatologicals.

On June 30, 2011, the Company acquired the Biozone Labs Groupwhich operates as a developer, manufacturer, and marketer of over-the-counter drugs and preparations, cosmetics, and nutritionalsupplements on behalf of health care product marketing companiesand national retailers.

BioZone as of Oct. 29, 2011, is in default with respect to elevensenior secured convertible promissory notes issued to variousaccredited investors with an aggregate principal amount of$2,250,000 due to the fact that the Company has not paid theamount due on maturity.

The Company's balance sheet at Sept. 30, 2011, showed$10.70 million in total assets, $10.88 million in totalliabilities, and a $177,712 total shareholders' deficiency.

"Our current balances of cash will not meet our working capitaland capital expenditure needs for the next twelve months. Inaddition, as of September 30, 2011, we have a shareholderdeficiency of $177,712 and negative working capital of $1,740,163.Because we are not currently generating sufficient cash to fundour operations and we have debt that is in default, we may need torely on external financing to meet future operating, debtrepayment and capital requirements. These conditions raisesubstantial doubt about our ability to continue as a goingconcern."

Sadler, Gibb & Associates, LLC, in Salt Lake City, expressedsubstantial doubt about Bitzio's ability to continue as a goingconcern. The independent auditors noted that the Company has notyet established an ongoing source of revenue sufficient to coverits operating costs.

The Company reported a net loss of $9.9 million on $579,400 ofrevenues for 2011, compared with a net loss of $38,200 on $0revenue for 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.8 millionin total assets, $829,000 in total current liabilities, andstockholders' equity of $1.9 million.

BankruptcyData.com relates that the privately-held Company filedon the motion on the following grounds: "The U.S. Debtors submitthat sufficient cause exists for the dismissal of their Chapter 11Cases, as the U.S. Debtors have terminated their businessoperations and liquidated or disposed of all of their assetsthrough these proceedings. The U.S. Debtors have determined, intheir business judgment, that there is no reasonable likelihood oftheir rehabilitation and that they are unable to effectuate achapter 11 plan of liquidation, as there are insufficient fundsavailable for distribution to unsecured creditors and no remainingassets to be liquidated or recovered for the benefit of theirestates. Furthermore, because they have no remaining assets toliquidate, the U.S. Debtors submit that converting their Chapter11 Cases to cases under chapter 7 of the Bankruptcy Code wouldonly create unnecessary administrative expenses, with nomeaningful prospect of recoveries, and is therefore unwarranted.Dismissing their Chapter 11 Cases, on the other hand, willeliminate the accrual of any administrative expense obligationsand bring closure to these cases in a timely and efficient manner.Accordingly, the U.S. Debtors submit that sufficient cause existsto dismiss their Chapter 11 Cases, and that doing so is in thebest interests of their estates and creditors."

About Bowe Bell

Headquartered in Wheeling, Ill., BOWE BELL + HOWELL --http://www.bowebellhowell.com/-- provides high performance document management solutions and services. In 1936, the companypioneered gripper arm mail-inserting systems. The companycurrently has a complete portfolio of inserting, sorting, plasticcard, integrity, cutting, packaging, print-on-demand and softwaresolutions. In addition to its headquarters offices, the companymaintains major manufacturing and service locations in Durham,N.C. and Bethlehem, Penn.

Bowe Bell + Howell sought bankruptcy protection in the U.S. aspart of a deal to itself to creditor Versa Capital Management Inc.to pay off debt.

Lee E. Kaufman, Esq., and Mark D. Collins, Esq., at Richards,Layton & Finger, P.A., serve as the Debtors' bankruptcy counsel.McDermott Will & Emery is the Debtors' special corporate counsel.Focus Management Group is the Debtors' financial advisors. LazardMiddle Market LLC is the Debtors' investment banker. The GardenCity Group, Inc is the Debtors' claims and notice agent.

Bowe Bell + Howell International Ltd., BBH's Canadian subsidiary,commenced parallel ancillary proceeding under Part IV of theCompanies' Creditors Arrangement Act. BBH Canada, as the proposedforeign representative for the Debtors in the ancillaryproceeding, will ask an Ontario Superior Court judge to recognizethe bankruptcy proceedings in the U.S. PricewaterhouseCoopersInc. is the prospective Information Officer in the CanadianProceeding.

The U.S. Trustee has formed an Official Committee of UnsecuredCreditors and an Official Retirees' Committee. The RetireeCommittee tapped Thorp Reed & Armstrong, LLP, as co-counsel.

Versa Capital Management, Inc. in June 2011 completed itsacquisition of the assets of Bowe Bell + Howell and the formationof a new company and brand, Bell and Howell, LLC. Versa, havingpurchased the $121 million secured term loan and revolving credit,signed a contract to buy the business in exchange for secureddebt, the loan financing the Chapter 11 case, the cost of curingcontract defaults, and $315,000 for the Canadian assets.

BUFFETS INC: Closes Hometown Buffet in OKC as Part of Bankruptcy----------------------------------------------------------------NewsOk reports that Hometown Buffet at 3900 NW 63, in OklahomaCity, closed last week as parent company Buffets Inc. worksthrough its second bankruptcy.

According to the report, two Ryan's restaurants, one each inOklahoma City and Tulsa, closed in January. The company has nomore locations in the state. The Ryan's restaurants were on alist of 81 underperforming stores set to close Jan. 20 as part ofthe company's restructuring. Fifteen additional locations closedon March 26.

Bonuses Approved

MeaNWHLE, Dow Jones' DBR Small Cap reported Buffets RestaurantHoldings Inc. received approval to dole out up to $2.3 million inbonuses to employees as it works to pare its debt in bankruptcy.

Buffets Inc. and all of its subsidiaries filed Chapter 11petitions (Bankr. D. Del. Lead Case No. 12-10237) on Jan. 18,2012, after it reached a restructuring support agreement with 83%of its lenders to eliminate virtually all of the Company's roughly$245 million of outstanding debt. The Debtors are seeking toreject leases for 83 underperforming restaurants.

Buffets had 626 restaurants when it began its prior bankruptcycase (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). It emergedfrom bankruptcy in April 2009.

Higher gasoline and energy costs, along with a decline in guestcount, have hampered the Debtors' ability to service their long-term debt and caused a liquidity strain, forcing the Company toreturn to Chapter 11 bankruptcy.

The U.S. Trustee has appointed a 5-member Official Committee ofUnsecured Creditors in the Debtors' cases.

BUNGE LIMITED: Moody's Issues Summary Credit Opinion----------------------------------------------------Moody's Investors Service issued a summary credit opinion on BungeLimited and includes certain regulatory disclosures regarding itsratings. The release does not constitute any change in Moody'sratings or rating rationale for Bunge Limited.

Moody's current ratings on Bunge Limited and its affiliates are:

Bunge Limited

Pref. Stock (foreign currency) Rating of Ba1

Preferred shelf -- PS2 (domestic currency) Rating of (P)Ba1

Preference Shelf (domestic currency) Rating of (P)Ba1

Bunge Master Trust

BACKED Senior Unsecured (foreign currency) Rating of Baa2

Bunge Limited Finance Corp.

Senior Unsecured (domestic currency) Rating of Baa2

BACKED Senior Unsecured (domestic currency) Rating of Baa2

BACKED Senior Unsec. Shelf (domestic currency) Rating of (P)Baa2

BACKED Subordinate Shelf (domestic currency) Rating of (P)Baa3

Bunge N.A. Finance L.P.

BACKED Senior Unsecured (foreign currency) Rating of Baa2

Ratings Rationale

Bunge's Baa2 long-term debt rating (see Structural Considerationssection of Bunge's Credit Opinion for more detailed description ofthe corporate structure) is supported by a modest amount ofbalance sheet debt, a relatively conservative balance sheet (asmeasured by net balance sheet debt-to-net working capital), anestablished position in the agricultural commodity industry and byits geographic diversity. Bunge's operations include themerchandising and processing of a range of oilseeds, and grainssuch as corn and wheat. Bunge has a broad presence in the foodchain from origination to the marketing of products includingsugar, shortenings, edible oils, milled corn and wheat. Bunge isalso a leading producer of sugar, fuel ethanol, and biodiesel andis a retailer of fertilizers in Brazil and Argentina.

Bunge's ratings have been stressed by volatility in its financialperformance in 2009 and 2010 with extremely weak financialperformance in several quarters. Moody's retained Bunge's Baa2ratings because of its improved financial performance in 2011 andMoody's expectation that i) the company's credit metrics willsolidly support the rating with LTM Net Debt/EBITDA remaining wellbelow 3.0x; ii) Bunge will maintain a relatively conservativebalance sheet in 2012 (net working capital to balance sheet netdebt of >1.5x at current price levels; longer term this ratiocould be closer to 1.2-1.3x); and iii) it will not pursue anylarge transactions (>$1 billion) that will increase leverage untilits has a longer track record in generating financial metrics thatfully support the rating.

The principal methodology used in rating Bunge Limited was theGlobal Commodity Merchandising and Processing CompaniesMethodology published in December 2011. Other methodologies usedinclude Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.

CAPITOL BANCORP: Incurs $51.9 Million Net Loss in 2011------------------------------------------------------Capitol Bancorp Ltd. filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing a net loss of$51.92 million on $103.8 million of total interest income in 2011,following a net loss of $254.4 million on $128.82 million of totalinterest income in 2010. The Company had a net loss of$264.5 million on $163.9 million of total interest income in 2009.

The Company's balance sheet at Dec. 31, 2011, showed $2.20 billionin total assets, $2.31 billion in total liabilities, and a$108.64 million total deficit.

For 2011, BDU USA, LLP, noted that the Company and substantiallyall of its subsidiary banks have suffered significant losses fromoperations in 2011, 2010, 2009 and 2008 primarily from largeprovisions for loan losses and costs associated with nonperformingassets, suffered a decline in regulatory capital, and experiencedregulatory issues that raise substantial doubt about theCorporation's ability to continue as a going concern.

Capitol Bancorp Limited (NYSE: CBC) --http://www.capitolbancorp.com/-- is a $5.1 billion national community banking company, with a network of bank operations in 16states. Founded in 1988, Capitol Bancorp Limited has executiveoffices in Lansing, Michigan and Phoenix, Arizona.

In September 2009, Capitol and its second-tier bank holdingcompanies entered into a written agreement with the FederalReserve Bank of Chicago under which Capitol has agreed, amongother things, to submit to the Reserve Bank a written plan tomaintain sufficient capital at Capitol on a consolidated basis andat Michigan Commerce Bank (as a separate legal entity on a stand-alone basis); and a written plan to enhance the consolidatedorganization's risk management practices, a strategic plan toimprove the consolidated organization's operating results andoverall condition and a cash flow projection.

Certain of Capitol's bank subsidiaries have entered into formalagreements with their applicable regulatory agencies. Thoseagreements provide for certain restrictions and other guidelinesand/or limitations to be followed by the banks.

In 2009, Capitol commenced the deferral of interest payments onits various trust-preferred securities, as is permitted under theterms of the securities, to conserve cash and capital resources.The payment of interest may be deferred for periods up to fiveyears. During such deferral periods, Capitol is prohibited frompaying dividends on its common stock (subject to certainexceptions) and is further restricted by Capitol's writtenagreement with the Federal Reserve Bank of Chicago. Accruedinterest payable on such securities approximated $18.1 million atJune 30, 2010.

CAPITOL CITY: Delays Form 10-K for 2011---------------------------------------Capitol City Bancshares, Inc., requested an extension of time tofile its Form 10-K, as it could not complete the filing of itsForm 10-K on or before the prescribed due date withoutunreasonable effort. The Company needs additional time tocomplete the compilation, dissemination and review of theinformation required to be presented in the Form 10-K. TheCompany expects to file its annual report on Form 10-K on orbefore the 15th day following the prescribed due date for theCompany's Form 10-K.

About Capitol City

Atlanta, Ga.-based Capitol City Bancshares, Inc., was incorporatedunder the laws of the State of Georgia on April 14, 1998, for thepurpose of serving as a bank holding company for Capitol City Bankand Trust Company. The Bank operates a full-service bankingbusiness and engages in a broad range of commercial bankingactivities, including accepting customary types of demand andtimed deposits, making individual, consumer, commercial, andinstallment loans, money transfers, safe deposit services, andmaking investments in U.S. government and municipal securities.The Bank serves the residents of the City of Atlanta and Fulton,DeKalb, Chatham, Richmond and Dougherty Counties.

As reported in TCR on April 26, 2011, Nichols, Cauley &Associates, LLC, in Atlanta, Georgia, expressed substantial doubtabout Capitol City Bancshares' ability to continue as a goingconcern, following the Company's 2010 results. The independentauditors noted that the Company the Company is operating underregulatory orders to, among other items, increase capital andmaintain certain levels of minimum capital. "As of Dec. 31, 2010,the Company was not in compliance with these capital requirements.In addition to its deteriorating capital position, the Company hassuffered significant losses related to nonperforming assets, hasexperienced declining levels of liquid assets, and has significantmaturities of liabilities within the next twelve months."

The Company's balance sheet at Sept. 30, 2011, showed $297.82million in total assets, $288.90 million in total liabilities and$8.91 million in total stockholders' equity.

CARRIZO OIL: Moody's Reviews CFR/PDR on Review for Upgrade----------------------------------------------------------Moody's Investors Service has placed Carrizo Oil & Gas, Inc.'s(Carrizo) Corporate Family Rating (CFR), Probability of DefaultRating (PDR), and senior note ratings on review for upgrade.Carrizo is one of a number of companies identified by Moody's asbeing well positioned to benefit from recent industrytechnological advances and sustained high oil prices.

Last year, in November 2011, Moody's assigned a B3 rating toCarrizo Oil's offering of $200 million senior unsecured notes due2018. These notes are a tack-on issuance to the existing $400million unsecured senior notes due 2018. At that time, Moody'ssaid Carrizo's B2 CFR is supported by its success in growingreserves and production through productive internal capitalreinvestment.

Ratings Rationale

Carrizo has made a strategic shift into developing oil and NGLreserves and has laid a credible foundation of drilling inventory,JV arrangements and preliminary results that indicate anacceleration of this process.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a one notchupgrade.

The principal methodology used in rating Carrizo Oil & Gas was theGlobal Independent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

CATALYST PAPER: Seeks U.S. Court Approval of Auction Process------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Catalyst PaperCorp. is asking a U.S. bankruptcy court to join a Canadian courtin signing off on an auction of its business should it fail togain its creditors' support for a restructuring plan.

About Catalyst Paper

Catalyst Paper Corp. -- http://www.catalystpaper.com/-- manufactures diverse specialty mechanical printing papers,newsprint and pulp. Its customers include retailers, publishersand commercial printers in North America, Latin America, thePacific Rim and Europe. With four mills, located in BritishColumbia and Arizona, Catalyst has a combined annual productioncapacity of 1.9 million tons. The Company is headquartered inRichmond, British Columbia, Canada and its common shares trade onthe Toronto Stock Exchange under the symbol CTL.

Catalyst on Dec. 15, 2011, deferred a US$21 million interestpayment on its outstanding 11.00% Senior Secured Notes due 2016and Class B 11.00% Senior Secured Notes due 2016 due on Dec. 15,2011. Catalyst said it was reviewing alternatives to address itscapital structures and it is currently in discussions withnoteholders. Perella Weinberg Partners served as the financialadvisor.

In early January 2012, Catalyst entered into a restructuringagreement, which will see its bondholders taking control of thecompany and includes an exchange of debt for equity. Theagreement said it would slash the company's debt by C$315.4million ($311 million) and reduce its cash interest expenses.Catalyst also said it will continue to "operate and satisfy" itsobligations to customers, trade creditors, employees and retireesin the ordinary course of business during the restructuringprocess.

On Jan. 17, 2012, Catalyst applied for and received an initialcourt order under the Canada Business Corporations Act (CBCA) tocommence a consensual restructuring process with its noteholders.Affiliate Catalyst Paper Holdings Inc., filed for creditorprotection under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D.Del. Case No. 12-10219) on the same day and sought recognition ofthe Canadian proceedings.

Catalyst joins a line of paper producers that have succumbed tohigher costs, increased competition from Asia and Europe, andfalling demand as more advertisers and readers move online. In2011, Cerberus Capital-backed NewPage Corp. filed for bankruptcyprotection, followed by SP Newsprint Co., owned by newsprintmagnate and fine art collector Peter Brant. In December, WausauPaper said it will close its Brokaw mill in Wisconsin, cut 450jobs and exit its print and color business.

The Supreme Court of British Columbia granted Catalyst creditorprotection under the CCAA until April 30, 2012.

As of Dec. 31, 2011, the Company had C$737.6 million in totalassets and C$1.35 million in total liabilities.

CDW CORP: Moody's Raises Corporate Family Rating to 'B2'--------------------------------------------------------Moody's Investors Service upgraded the ratings on CDWCorporation's Corporate Family (CFR) and Probability of Default(PDR) to B2 from B3, secured debt to B1 from B2, senior notes toB3 from Caa1, and subordinated notes to Caa1 from Caa2. Moody'salso affirmed the Speculative Grade Liquidity Rating at SGL-2. Therating outlook is stable.

Ratings Rationale

The upgrade of CDW's CFR to B2 reflects the company's improvedoperating and financial performance, as well as Moody'sexpectation for further reduction in financial leverage. Over thenext 12 to 18 months, Moody's believes CDW will reduce leverage tothe range of 5x to 5.5x total adjusted debt to EBITDA (currently6x versus 10.9x at year end 2007 immediately after the LBO). Since2007, CDW has expanded EBITDA by about 60% to $698 million(Moody's adjusted as of fiscal year ended December 2011) andrepaid roughly $750 million of the $4.6 billion gross LBO debt.

In addition to Moody's expectation of lower financial leverage,the upgrade recognizes CDW's solid execution of its businessstrategy. By focusing on a broad selection of IT products,leveraging its salesforce and technology specialists, enhancingits vertical solutions offerings to facilitate a more favorableproduct mix and expanding its IT services capabilities, CDW hasbeen able to penetrate further into its existing customer base,win new accounts and organically grow faster than the IT market.This has produced share gains, operating margin expansion andgreater profitability without significant capital investment.Productivity improvements, a highly variable cost structure andbetter working capital management have resulted in steady freecash flow generation, which Moody's expects to continue.

These positives are offset by CDW's still high financial leverage,though expected to be consistent with other B2 rated companies,thin (albeit improving) interest coverage ratios, significantvendor concentration, and a business that is highly correlated tomacro-economic and IT industry cycles. Further, CDW has meaningfulexposure to small and medium-sized businesses, which tend to bemore cautious on capital spending during episodes of sluggish ornegative economic growth, as well as the government sector, whichcan delay purchases during periods of budget uncertainties orgridlock in government policy-making.

CDW's SGL-2 Speculative Grade Liquidity Rating reflects its goodliquidity supported by roughly $680 million of availability underits $900 million senior secured ABL revolving credit facility,lack of near-term debt maturities and expectation of about $200million of free cash flow generation. CDW has relatively stableoperating margins (though low, similar to other IT distributors),low capital intensity, and seasonal working capital needs. This,combined with the focus on continual improvement in workingcapital supports the notion of reliable generation of positivefree cash flow which counterbalances Moody's expectation formodest cash balances ($100 million as of December 2011).

The stable rating outlook reflects CDW's relatively consistentrevenue stream from the public sector (around 40% of revenue),which counteracts greater fluctuations in corporate sectorrevenue, as well as Moody's expectation for continued execution ofits business strategy, stable vendor/customer relationships andmarket share gains.

Ratings could be upgraded if CDW's revenue and operating marginsimprove to a higher sustainable range (operating margins in mid toupper single digits) implying increased market share, continuedfavorable shift in product mix and/or a lower cost structure. Anupgrade could also occur if total adjusted debt to EBITDA wasexpected to be sustained below 4.5x. Ratings could be downgradedif loss of customers/market share or pricing pressures due toincreasing competition or a weak economic environment led tomargin erosion and impaired interest coverage, reduced free cashflow generation and leverage sustained above 7x total adjusteddebt to EBITDA.

Rating Actions:

Corporate Family Rating to B2 from B3

Probability of Default Rating to B2 from B3

$421 Million Senior Secured Term Loan B due October 2014 to B1 (LGD-3, 36%) from B2 (LGD-3, 35%)

$918 Million Senior Secured Extended Term Loan due July 2017 to B1 (LGD-3, 36%) from B2 (LGD-3, 35%)

The principal methodology used in the rating was the GlobalDistribution and Supply Chain Services Rating Methodologypublished in November 2011.

With headquarters in Vernon Hills, IL, CDW is a leading directmarketer and value-added reseller (VAR) of multi-brandedinformation technology (IT) products and value-added services inthe U.S. and Canada. The company is owned by Madison DearbornPartners, LLC and Providence Equity Partners Inc.

CELL THERAPEUTICS: Has $5.3 Million Net Loss in February--------------------------------------------------------Cell Therapeutics, Inc., provided information pursuant to arequest from the Italian securities regulatory authority, CONSOB,pursuant to Article 114, Section 5 of the Unified Financial Act,that the Company issue at the end of each month a press releaseproviding a monthly update of certain information relating to theCompany's management and financial situation.

The Company reported a net loss attributable to commonshareholders of $5.30 million on $0 of revenue for the month endedFeb. 29, 2012, compared with a net loss attributable to commonshareholders of $5.06 million on $0 of revenue during the priormonth.

Estimated research and development expenses were $2.5 million forthe month of January 2012 and $2.7 million for the month ofFebruary 2012.

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.(NASDAQ and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a biopharmaceutical company committed to developing an integratedportfolio of oncology products aimed at making cancer moretreatable.

Cell Therapeutics reported a net loss attributable to CTI of$62.36 million in 2011, compared with a net loss attributable toCTI of $82.64 million in 2010.

Going Concern Doubt Raised

The report of Marcum LLP, in San Francisco, Calif., dated March 8,2012, expressed an unqualified opinion, with an explanatoryparagraph as to the uncertainty regarding the Company's ability tocontinue as a going concern.

The Company's available cash and cash equivalents are $47.1million as of Dec. 31, 2011. The Company's total currentliabilities were $17.8 million as of Dec. 31, 2011. The Companydoes not expect that it will have sufficient cash to fund itsplanned operations beyond the second quarter of 2012, which raisessubstantial doubt about the Company's ability to continue as agoing concern.

Bankruptcy Warning

The Form 10-K for the year ended Dec. 31, 2011, also noted that ifthe Company receives approval of Pixuvri by the EMA or the FDA, itwould anticipate significant additional commercial expensesassociated with Pixuvri operations. Accordingly, the Company willneed to raise additional funds and are currently exploringalternative sources of equity or debt financing. The Company mayseek to raise that capital through public or private equityfinancings, partnerships, joint ventures, disposition of assets,debt financings or restructurings, bank borrowings or othersources of financing. However, the Company has a limited numberof authorized shares of common stock available for issuance andadditional funding may not be available on favorable terms or atall. If additional funds are raised by issuing equity securities,substantial dilution to existing shareholders may result. If theCompany fails to obtain additional capital when needed, it may berequired to delay, scale back, or eliminate some or all of itsresearch and development programs and may be forced to ceaseoperations, liquidate its assets and possibly seek bankruptcyprotection.

CHAPARRAL ENERGY: Moody's Reviews 'B3' CFR/PDR for Upgrade----------------------------------------------------------Moody's Investors Service placed Chaparral Energy, Inc.'s B3Corporate Family Ratings (CFR), B3 Probability of Default Ratings(PDR), and Caa1 senior note ratings on review for upgrade.Chaparral is one of a number of companies identified by Moody's asbeing well positioned to benefit from sustained high oil prices.

Ratings Rationale

With nearly 60% of its production comprised of oil and natural gasliquids, Chaparral is well-positioned to enjoy robust cash flowgeneration for at least the next several years based on Moody'sexpectations of a sustained high oil price environment. Reflectingits leverage to liquids production, Chaparral's unleveraged cashmargin has increased to over $30 per Boe, affording it the abilityto withstand commodity price volatility. Chaparral's coreoperating production is located in the Mid-Continent, where it isOklahoma's third largest producer, and in the Permian Basin. Inthe Mid-Continent, Chaparral's conventional drilling techniquesare increasingly being supplemented by the horizontal drilling ofunconventional resource plays and CO2 enhanced oil recovery (EOR)investment to propel further production growth and reserve adds.Almost half of the company's roughly $300 million capital spendingbudget is expected to soon be directed to EOR activity.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to one notch.

The principal methodology used in rating Chaparral was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Chaparral is a privately held E&P company headquartered inOklahoma City, Oklahoma. Oil and gas production in 2011 averaged23,712 Boe per day.

"The company intends to use the aggregate proceeds of about $1billion, including an approximate $250 million draw under the new$1.1 billion revolver, to repay $230 million outstanding under thecurrent revolver and an aggregate of $750 million of three termloans. The modest, $200 million reduction in borrowing capacityunder the new revolving credit facility does not affect our viewof Charter's liquidity as 'adequate.' Charter hasopportunistically extended debt maturities, including through thisproposed refinancing; as a result, pro forma for this refinancing,only about $500 million of the company's approximately $13 billionof debt is scheduled to mature through 2013," S&P said.

CHINA RUITAI: Delays Form 10-K for 2011---------------------------------------China Ruitai International Holdings Co., Ltd., notified the U.S.Securities and Exchange Commission that it will be late in filingits annual report on Form 10-K for the period ended Dec. 31, 2011.The Company said the review of the financial statements has notyet been completed.

About China Ruitai

Shandong, China-based China Ruitai International Holdings Co.,Ltd., was organized under the laws of the State of Delaware onNov. 15, 1955, under the name "Inland Mineral Resources Corp."Currently, the Company, through its wholly-owned subsidiary,Pacific Capital Group Co., Ltd., a corporation incorporated underthe laws of the Republic of Vanuatu, and its majority-ownedsubsidiary, TaiAn RuiTai Cellulose Co., Ltd., a Chinese limitedliability company, is engaged in the production, sales, andexportation of deeply processed chemicals, with a primary focus onnon-ionic cellulose ether products in the People's Republic ofChina as well as to the United States, Europe, Japan, India andSouth Korea.

As reported by the TCR on April 8, 2011, Bernstein & Pinchuk LLP,in New York, after auditing the Company's financial statements forthe year ended Dec. 31, 2010, expressed substantial doubt aboutChina Ruitai's ability to continue as a going concern. Theindependent auditors noted that the Company has negative workingcapital.

The Company's balance sheet at Sept. 30, 2011, showed$130.37 million in total assets, $96.16 million in totalliabilities and $34.21 million in total equity.

CINRAM INTERNATIONAL: S&P Lowers CCR to CC, Withdraws All Ratings-----------------------------------------------------------------Standard & Poor's Ratings Services lowered its ratings on CinramInternational Inc., including its long-term corporate creditrating on the company to 'CC' from 'CCC'.

"We also revised the recovery rating on the company's seniorsecured debt to '5' from '4' given our opinion of a loweremergence valuation for Cinram compared with our previousexpectations due to the company's poor performance, which weexpect will continue. The '5' recovery rating indicates ourexpectation of modest (10%-30%) recovery in a default situation,in contrast to a '4' recovery rating, which indicates our opinionof average (30%-50%) recovery. The recovery rating on the first-out senior secured revolving credit facility is unchanged at '1',indicating very high (90%-100%) recovery in default," S&P said.

"We base the downgrade on what we view as Cinram's weak liquidityposition and poor operating performance, with reported revenue andEBITDA dropping 28% and 79% in 2011, compared with 2010, whichresulted in the company's need for waivers to its financialcovenants. Furthermore, Cinram is in discussions with a number ofcounterparties concerning strategic alternatives for the business,which we believe could lead to a debt restructuring given theongoing deterioration in its business. A distressed debtrestructuring would constitute an event of default under ourcriteria," S&P said.

"We subsequently withdrew all our ratings on Cinram and itssubsidiaries at the company's request. At the time we withdrew theratings, the outlook on the company was negative," S&P said.

CIRCUS AND ELDORADO: Has Forbearance until April 30---------------------------------------------------Circus and Eldorado Joint Venture, its partners and a significantholder of its 10 1/8% Mortgage Notes due 2012 have entered into asupport agreement for a restructuring of the Notes. The holder ofNotes that is party to the Restructuring Support Agreement hasagreed to forbear from exercising remedies, until April 30, 2012,unless specified milestones are met or unless earlier terminatedpursuant to the terms of the Restructuring Support Agreement.

"We believe that execution of the support agreement is animportant milestone toward restructuring our outstanding mortgagenotes," said Gary Carano, chief executive officer of thePartnership. "We are pleased with the progress that we havecontinued to make in reaching an agreement with the holders of ournotes. At the same time, our business continues to generatepositive cash flow and we have sufficient cash to meet ouroperating needs. We remain as committed as ever to providing ourplayers, guests and team members the same exceptional experiencethat they have come to expect from the Silver Legacy."

The proposed restructuring is subject to the satisfaction ofnumerous conditions, including (i) the Partnership's entry into anew $70.0 million first lien credit facility, (ii) execution ofthe Restructuring Support Agreement by holders of at least 66% inprincipal amount of the Notes and (iii) negotiation of definitivedocuments that are satisfactory to the Partnership, its partnersand the holder that is party to the Restructuring SupportAgreement. As a result, there can be no assurance that arestructuring will be consummated on the terms described in theRestructuring Support Agreement, or at all.

About Circus and Eldorado

Reno, Nevada-based Circus and Eldorado Joint Venture, doingbusiness as Silver Legacy Resort Casino, owns and operates theSilver Legacy Resort Casino, a themed hotel-casino andentertainment complex in Reno, Nevada. Silver Legacy is a leaderwithin the Reno market, offering the largest number of tablegames, the second largest number of hotel rooms and the thirdlargest number of slot machines of any property in the Renomarket.

The Company reported a net loss of $4.0 million on $95.6 millionof revenues for nine months ended Sept. 30, 2011, compared with anet loss of $3.7 million on $95.1 million of revenues for the sameperiod last year.

The Company's balance sheet at Sept. 30, 2011, showed$267.8 million in total assets, $165.4 million in totalliabilities, and partners' equity of $102.4 million.

* * *

As reported by the TCR on March 7, 2012, Standard & Poor's RatingsServices lowered its corporate credit rating on Reno-based gamingoperator Circus And Eldorado Joint Venture (CEJV), and its issue-level rating on CEJV's $143 mortgage notes, to 'D' from 'CCC-'.The rating action followed CEJV's failure to repay the principalon its mortgage notes at maturity.

"The rating action stems from CEJV's inability to successfullyrepay the principal on its mortgage notes, due March 1, 2012,which constitutes a default under the terms of the notes'indenture. CEJV is in continuing discussions with potentialfinancing sources and the holders of the notes regarding arestructuring of its obligations under the notes and has enteredinto a forbearance agreement with a substantial holder of theoutstanding notes. CEJV is a joint venture of affiliates of MGMResorts International and Eldorado Resorts LLC. CEJV owns andoperates a single property, the Silver Legacy Resort Casino inReno," S&P said.

CIRTRAN CORP: Inks Forbearance Deal, Settles Suits Over Debts-------------------------------------------------------------Dow Jones' DBR Small Cap reports that CirTran Corp. has enteredinto two separate forbearance agreements and established loanrepayment schedules with lenders, settling long-standing claims ofdefault and requests for collateral handover, the company said ina statement.

West Valley City, Utah-based CirTran Corporation (OTC BB: CIRC)-- http://www.CirTran.com/-- markets and manufactures energy drinks under the Playboy brand pursuant to a license agreementwith Playboy Enterprises, Inc. The Company also provides turnkeymanufacturing services and products using various high-techapplications for electronics manufacturers in various industries.

CIT GROUP: $75 Million Settlement Gets Preliminary Approval-----------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that a federal judgegranted preliminary approval to a $75 million settlement betweenCIT Group Inc. and pre-bankruptcy shareholders over the businesslender's past disclosures around subprime mortgages and studentloans.

CIT Group, according to Reuters, on March 13 asked a federal judgeto approve a $75 million settlement proposal with former CITshareholders in a class-action securities fraud lawsuit overactions preceding the large commercial lender's 2009 bankruptcy.

The preliminary settlement, which was submitted for Manhattanfederal court Judge Barbara Jones' approval, would put an end to alawsuit brought on behalf of purchasers of CIT securities fromDecember 12, 2006 to March 5, 2008.

About CIT Group

Bank holding company CIT Group Inc. and affiliate CIT GroupFunding Company of Delaware LLC filed for Chapter 11 (Bankr.S.D.N.Y. Case No. 09-16565) on Nov. 1, 2009, with a prepackagedChapter 11 plan of reorganization. Evercore Partners, MorganStanley and FTI Consulting served as the Company's financialadvisors and Skadden, Arps, Slate, Meagher & Flom LLP served aslegal counsel in connection with the restructuring plan. Sullivan& Cromwell served as legal advisor to CIT's Board of Directors.

The Court validated the vote of CIT's impaired classes ofcreditors and confirmed the Plan on Dec. 8, 2009. The Planprovided for the conversion to equity or reinstatement of sevenclasses of debt issued primarily in the form of notes anddebentures; one class of unsecured notes was exchanged for newdebt. General unsecured creditors, including holders of claimsarising from the rejection of executory contracts, were paid infull and deemed unimpaired. Holders of preferred and commonstock, as well as subordinated claims, received no recovery.

CIT emerged from bankruptcy protection on Dec. 11, 2009.

* * *

In February 2012, Moody's Investors Service upgraded CIT'sCorporate Family Rating to B1 from B2, recognizing CIT'sachievements in strengthening its liquidity profile bydiversifying funding sources, extending debt maturities, andreducing the level of encumbered assets.

Dominion Bond Rating Service also has upgraded CIT's ratings,including its Issuer Rating to BB (low) from B (high).

CLAYTON WILLIAMS: Moody's Puts CFR/PDR on Review for Upgrade------------------------------------------------------------Moody's Investors Service has placed Clayton Williams Energy,Inc.'s (CWEI) Corporate Family Rating (CFR), Probability ofDefault Rating (PDR), and senior note ratings on review forupgrade. CWEI is one of a number of companies identified byMoody's as being well positioned to benefit from recent industrytechnological advances and sustained high oil prices.

Previously, in early March 2012, Moody's changed Clayton Williams'outlook to positive from negative. At the same time, Moody'sassigned a Caa1 rating to CWEI's proposed $300 million seniorunsecured notes and affirmed CWEI's B3 Corporate Family Rating andSGL-3 Speculative Grade Liquidity rating.

Ratings Rationale

CWEI has significant holdings in oil-prone regions in the PermianBasin and the Giddings Area of Texas. With oil comprising 74% ofits proved developed 39.2 mllion boe of reserves, it has theembedded cash flow to exploit its positions without placing unduestrain on leverage.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a one notchupgrade.

The principal methodology used in rating Clayton Williams was theGlobal Independent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

CNA FINANCIAL: Moody's Issues Summary Credit Opinion----------------------------------------------------Moody's Investors Service issued a summary credit opinion on CNAFinancial Corporation and includes certain regulatory disclosuresregarding its ratings. The release does not constitute any changein Moody's ratings or rating rationale for CNA FinancialCorporation and its affiliates

Moody's current ratings on CNA Financial Corporation and itsaffiliates are:

CNA Financial Corporation

Senior Unsecured (domestic currency) ratings of Baa3

Preferred Stock (domestic currency) ratings of Ba2, (hyb)

Senior Unsecured Shelf (domestic currency) ratings of (P)Baa3

Subordinate Shelf (domestic currency) ratings of (P)Ba1

Junior Subordinate Shelf (domestic currency) ratings of (P)Ba1

Preferred Shelf (domestic currency) ratings of (P)Ba2

CNA Financial Capital I

BACKED Preferred Shelf (domestic currency) ratings of (P)Ba1

CNA Financial Capital II

BACKED Preferred Shelf (domestic currency) ratings of (P)Ba1

CNA Financial Capital III

BACKED Preferred Shelf (domestic currency) ratings of (P)Ba1

Rating Rationale

Moody's A3 insurance financial strength ratings on ContinentalCasualty Company and members of its intercompany reinsurance pool,and the Baa3 senior debt rating of the group's parent company, CNAFinancial Corporation (NYSE: CNA), reflect CNA's leadershipposition in many major commercial and specialty property &casualty insurance lines in the US, its sound liquidity positionand good risk-adjusted capitalization, its improved operationalcontrols and profitable specialty lines segment, and thehistorically supportive parentage of Loews Corporation (seniordebt rated A3). These strengths remain tempered by earningsvolatility over time and high combined underwriting ratios incommercial lines, by potential claim reserve volatility associatedwith commercial casualty lines of business, and by exposures tonatural and manmade catastrophes. In August 2010, CNA ceded itsasbestos and pollution (A&P) liabilities, including third partyreinsurance recoverable credit risk, to National Indemnity Companyunder a loss portfolio transfer reinsurance arrangement, withcoverage limits approximately $2.4 billion in excess of CNA's thencarried net reserves for A&P claims.

CNA has taken significant actions to improve its expense andunderwriting performance in recent years, as well as to tighteninternal controls and to improve its risk-adjusted capitalization,as evidenced by the company's improved capital adequacy position.However, the company's underwriting results remain somewhat weakerthan that many of its predominantly commercial and specialty linespeers

- Annual adverse reserve development in excess of 5% of total reserves

The principal methodology used in these ratings was Moody's GlobalRating Methodology for Property and Casualty Insurers published inMay 2010.

COMCAM INTERNATIONAL: Suspending Filing of Reports with SEC-----------------------------------------------------------ComCam International, Inc., filed a Form 15 notifying of itssuspension of its duty under Section 15(d) to file reportsrequired by Section 13(a) of the Securities Exchange Act of 1934with respect to its common stock, par value $0.0001 per share.Pursuant to Rule 12g-4, the Company is suspending reportingbecause there are currently less than 500 holders of record of thecommon shares. There were only 128 holders of the common sharesas of March 19, 2012.

About ComCam International

West Chester, Pa.-based ComCam International, Inc. is both anetwork solutions innovator and a provider of fusion technologiesfor security products and modern networks. The Company'sproprietary digital wireless camera systems and securityintegration solutions address complex command-and-controlapplications for rapid-deployment military situations, borders,ports, airports, and detention facilities.

The Company reported a net loss of $1.35 million on $3.55 millionof revenue for the year ended Dec. 31, 2010, compared with a netloss of $430,648 on $24,086 of revenue during the prior year.

The Company also reported a net loss of $1.47 million on $2.75million of net revenues for the nine months ended Sept. 30, 2011,compared with a net loss of $1.07 million on $2.52 million of netrevenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $1.71million in total assets, $1.94 million in total liabilities and a$228,902 total stockholders' deficit.

As of Sept. 30, 2011, the Company has negative working capital andhas incurred losses since inception. These factors taken aloneraise substantial doubt about the Company's ability to continue asa going concern. However, management is in the process ofprocuring additional financing to expand marketing efforts andproduct development, which actions, if successful, will enable theCompany to continue as a going concern. Nevertheless, there canbe no assurance that sufficient financing will be available to theCompany to successfully pursue its marketing and productdevelopment efforts.

COMMERCIAL VEHICLE: Dismisses Deloitte & Touche, Taps KPMG LLP--------------------------------------------------------------The Audit Committee of the Board of Directors of CommercialVehicle Group, Inc., approved the dismissal of Deloitte & ToucheLLP as the Company's independent registered public accountingfirm, effective as of March 19, 2012. The Company notifiedDeloitte of its dismissal on March 14, 2012.

During the Company's two most recent fiscal years ended Dec. 31,2011, and Dec. 31, 2010, Deloitte's reports on the Company'sconsolidated financial statements and effectiveness of internalcontrol over financial reporting did not contain an adverseopinion or disclaimer of opinion, and were not qualified ormodified as to uncertainty, audit scope, or accounting principles.

On March 14, 2012, the Audit Committee of the Board of Directorsof the Company approved the appointment of KPMG LLP as theCompany's independent registered public accounting firm for thefiscal year ending Dec. 31, 2012.

At no time during fiscal year 2011 or fiscal year 2010 or throughMarch 19, 2012, did the Company or anyone acting on its behalfconsult with KPMG regarding either (i) the application ofaccounting principles to a specified transaction, either completedor proposed, or the type of audit opinion that might be renderedon the Company's consolidated financial statements, and no writtenreport or oral advice was provided that KPMG concluded was animportant factor considered by the Company in reaching a decisionas to any accounting, auditing or financial reporting issue; or(ii) any matter that was either (A) the subject of a disagreementwith Deloitte on accounting principles or practices, financialstatement disclosure or auditing scope or procedures, which, ifnot resolved to the satisfaction of Deloitte, would have causedDeloitte to make reference to the matter in their report or (B) areportable event of the type described in Item 304(a)(1)(v) ofRegulation S-K.

About Commercial Vehicle Group

New Albany, Ohio-based Commercial Vehicle Group, Inc., (Nasdaq:CVGI) supplies fully integrated system solutions for the globalcommercial vehicle market, including the heavy-duty truck market,the construction and agricultural markets, and the specialty andmilitary transportation markets. The Company has facilitieslocated in the United States in Arizona, Indiana, Illinois, Iowa,North Carolina, Ohio, Oregon, Tennessee, Virginia and Washingtonand outside of the United States in Australia, Belgium, China,Czech Republic, Mexico, Ukraine and the United Kingdom.

disclosing netincome of $18.59 million on $832.02 million of revenue for theyear ended Dec. 31, 2011, compared with net income of $6.48million on $597.77 million of revenue during the prior year.

The Company's balance sheet at Dec. 31, 2011, showed $406.88million in total assets, $394.11 million in total liabilities and$12.77 million in total equity.

* * *

In the Oct. 4, 2011, edition of the TCR, Moody's Investors Serviceupgraded Commercial Vehicle Group, Inc.'s Corporate Family Ratingto B2 from B3, and Probability of Default Rating to B2 from B3.The B2 CFR reflects modest size, relatively high debt leverage,and exposure to highly cyclical commercial vehicle end markets.Demand for commercial vehicle components is primarily sensitive toeconomic cycles, fleet age, and regulatory implementationschedules. The CFR considers the substantial cash balance andabsence of funded debt maturities until 2019. Moody's recognizesCVGI's demonstrated ability to manage its cost structure andworking capital position to minimize cash burn in a challengingeconomic environment. Moody's believes the company is positionedto benefit from additional modest improvement in commercialvehicle build rates at least through mid 2012 and has sufficientliquidity to support associated working capital needs.

As reported by the TCR on April 12, 2011, Standard & Poor'sRatings Services said it raised its corporate credit rating on NewAlbany, Ohio-based Commercial Vehicle Group Inc. (CVG) to 'B-'from 'CCC+'. "The upgrade reflects our assumption that CVG canimprove EBITDA and cash flow in the next two years, because webelieve commercial truck production volumes will continue to riseyear-over-year in 2011 and 2012," said Standard & Poor's creditanalyst Nancy Messer. Heavy-duty truck production increased by ameaningful 30% in 2010, leading to a 30% year-over-year salesincrease.

COMPETITIVE TECHNOLOGIES: Delays Form 10-K for 2011---------------------------------------------------Competitive Technologies, Inc., has experienced delays incompleting its financial statements for the fiscal year endedDec. 31, 2011. As a result, the Company is delayed in filing itsForm 10-K for the year then ended.

About Competitive Technologies

Fairfield, Conn.-based Competitive Technologies, Inc. (OTC QX:CTTC) -- http://www.competitivetech.net/-- was established in 1968. The Company provides distribution, patent and technologytransfer, sales and licensing services focused on the needs of itscustomers and matching those requirements with commercially viableproduct or technology solutions. Sales of the Company'sCalmare(R) pain therapy medical device continue to be the majorsource of revenue for the Company.

As reported in the Troubled Company Reporter on Nov. 2, 2010,Mayer Hoffman McCann CPAs, in New York, expressed substantialdoubt about Competitive Technologies' ability to continue as agoing concern, following the Company's results for the fiscal yearended July 31, 2010. The independent auditors noted that atJuly 31, 2010, the Company has incurred operating losses sincefiscal year 2006.

The Company reported a net loss of $1.84 million for the ninemonths ended Sept. 30, 2011, compared with a net loss of $2.30million for the nine months ended Oct. 31, 2010.

The Company's balance sheet at Sept. 30, 2011, showed$5.95 million in total assets, $6.36 million in total liabilities,all current, and a $409,428 total shareholders' deficit.

CONVERTED ORGANICS: Incurs $17.9 Million Net Loss in 2011---------------------------------------------------------Converted Organics Inc. filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing anet loss of $17.98 million on $3.15 million of revenue in 2011,compared with a net loss of $47.81 million on $3.52 million ofrevenue in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $6.88 millionin total assets, $11.10 million in total liabilities, and a$4.22 million total stockholders' deficiency.

For 2011, Moody, Famiglietti & Andronico, LLP, noted that theCompany has suffered recurring losses and negative cash flows fromoperations and has an accumulated deficit that raises substantialdoubt about its ability to continue as a going concern.

CORRELOGIC SYSTEMS: Disputes Fisher BioServices Claim-----------------------------------------------------Bankruptcy Judge Wendelin I. Lipp signed off on a stipulationbetween Correlogic Systems, Inc., and Fisher BioServices, Inc.,extending the deadline for Fisher to file a response to theDebtor's Objection to Claim No. 41 filed by Fisher. The responsedeadline was extended through and including April 2, 2012. Acopy of the Court-approved Stipulation and Consent Order, datedMarch 29, 2012 is available at http://is.gd/e7c1Xkfrom Leagle.com.

Vermillion Inc. entered into an asset purchase agreement withCorrelogic whereby Vermillion agreed to pay $435,000 in cash forsubstantially all of Correlogic's assets in connection with itsovarian cancer diagnostics business, which include certaindiagnostic samples, software and IP. Vermillion --http://www.vermillion.com/-- is engaged in the discovery, development and commercialization of novel high-value diagnostictests that help physicians diagnose, treat and improve outcomesfor patients.

CORUS BANK: Fort Lauderdale Tower Foreclosed, Set to Open---------------------------------------------------------Dow Jones' DBR Small Cap reports that after about four years ofdelays, a condominium-hotel project in Fort Lauderdale, Fla., withcontroversial ties to Donald Trump has taken a major step towardopening its doors. A Starwood Capital Group-led ventureforeclosed on the 298-unit property with ocean views that was oncebilled as the Trump International Hotel & Tower, Fort Lauderdale.After the venture formally takes control, it can finally open orsell the property, which got so close to completion that it nowhas water in its swimming pool and furniture in its lobby.

According to the report, the foreclosure also shines new light onwhat was one of the most high-profile distressed deals of thedownturn: the Starwood venture?s acquisition of a $4.5 billionloan portfolio of failed Corus Bank from the Federal DepositInsurance Corp. The portfolio included the defaulted $139 millionfirst mortgage on the Fort Lauderdale tower.

According to Law360, the order, issued by U.S. District Judge SamSparks, denied Duke's motion to dismiss a suit brought against theparent by the litigation trust set up in Crescent's reorganizationplan, which asserts claims for fraudulent transfer and unjustenrichment, among others.

The Company has entered into an asset purchase agreement to sellsubstantially all assets to GR Match, an affiliate of Guthy-Renker, absent higher and better offers.

About CyberDefender

Los Angeles, Calif.-based CyberDefender Corporation is a providerof remote LiveTech services and security and computer optimizationsoftware and to the consumer and small business market. TheCompany's mission is to bring to market advanced solutions toprotect computer users against Internet viruses, spyware, identitytheft and related security threats.

The Company reported a net loss of $17.58 million on $39.88million of total net revenue for the nine months ended Sept. 30,2011, compared with a net loss of $31.21 million on $31.93 millionof total net revenue for the same period a year ago.

In regulatory filings, the Company disclosed $7.96 million intotal assets, $42.54 million in total liabilities, and a $34.58million total stockholders' deficit, as of Sept. 30, 2011.

The Company, which estimated up to $10 million in assets and up to$50 million in liabilities as of the Chapter 11 filing,concurrently announced that it has entered into an asset purchaseagreement with GR Match, an affiliate of Guthy-Renker, to sellsubstantially all of its assets to GR Match.

GR Match has committed to provide up to $4.6 million in debtor-in-possession financing.

A copy of the Court's March 28, 2012 Opinion is available athttp://is.gd/jCODTgfrom Leagle.com.

Dasoda Corp. filed for Chapter 11 bankruptcy (Bankr. D. N.J. CaseNo. 10-39528) on Sept. 24, 2010, listing under $1 million inassets and debts. A copy of the petition is available at nocharge at http://bankrupt.com/misc/njb10-39528.pdf

DENNY'S CORP: Robert Rodriguez Ceases to Hold COO Position----------------------------------------------------------Robert Rodriguez, who had served as the Chief Operating Officer ofDenny's Corporation, is no longer an employee or officer of theCompany effective March 30, 2012.

About Denny's Corporation

Based in Spartanburg, South Carolina, Denny's Corporation (NASDAQ:DENN) -- http://www.dennys.com/-- Denny's is one of America's largest full-service family restaurant chains, consisting of 1,348franchised and licensed units and 232 company-owned units, withoperations in the United States, Canada, Costa Rica, Guam, Mexico,New Zealand and Puerto Rico.

The Company's balance sheet at Dec. 28, 2011, showed$350.50 million in total assets, $360.17 million in totalliabilities and a $9.67 million total shareholders' deficit.

As the Company is heavily franchised, its financial results arecontingent upon the operational and financial success of itsfranchisees. The Company receives royalties, contributions toadvertising and, in some cases, lease payments from itsfranchisees. The Company has established operational standards,guidelines and strategic plans for its franchisees; however, theCompany has limited control over how its franchisees' businessesare run. While the Company is responsible for ensuring thesuccess of its entire chain of restaurants and for taking a longerterm view with respect to system improvements, the Company'sfranchisees have individual business strategies and objectives,which might conflict with the Company's interests. The Company'sfranchisees may not be able to secure adequate financing to openor continue operating their Denny's restaurants. If they incurtoo much debt or if economic or sales trends deteriorate such thatthey are unable to repay existing debt, it could result infinancial distress or even bankruptcy. If a significant number offranchisees become financially distressed, it could harm theCompany's operating results through reduced royalties and leaseincome.

* * *

Denny's carries 'B2' corporate family and probability of defaultratings from Moody's Investors Service and a 'B+' corporate creditrating from Standard & Poor's.

DETROIT, MI: Judge Stands by His Financial Crisis Review Order--------------------------------------------------------------American Bankruptcy Institute reports that a Michigan judgerefused to back off an order requiring his approval forimplementation of any agreement between Detroit and a statefinancial review team to address the city's financial crisis.

"At the same time, we affirmed our issue-level rating on Dex MediaEast Inc.'s $672 million outstanding term loan, Dex Media WestInc.'s $594 million outstanding term loan, and R.H. DonnelleyInc.'s $866 million outstanding term loan due 2014 at 'D'. Therecovery rating on these loans remains at '5', indicating ourexpectation of modest (10% to 30%) recovery for lenders in theevent of a payment default," S&P said.

"We also raised our rating on Dex One Corp.'s subordinated $300million notes due 2017 to 'CC' from 'C'. The recovery ratingremains at '6', indicating our expectation of negligible recovery(0% to 10%) for noteholders in the event of a payment default,"S&P said.

"The company's March 9, 2012 amendment allows for ongoing subparrepurchases of its term debt until 2013, as long as certainconditions are met. Additionally, on March 22, 2012, the companyannounced the commencement of a cash tender offer to purchase aportion of its senior subordinated notes due in 2017 below par.The term loan and subordinated notes are trading at a significantdiscount to their par values, providing the company an economicincentive to pursue a subpar buyback. We believe that thesecircumstances suggest a high probability of future subparbuybacks, which are tantamount to default under our criteria," S&Psaid.

"The 'CCC' corporate credit rating reflects our view that DexOne's business will remain under pressure given the unfavorableoutlook for print directory advertising. We view the company'srising debt leverage, low debt trading levels, weak operatingoutlook, and steadily declining discretionary cash flow asindications of financial distress. As such, we continue to assessthe company's financial risk profile as 'highly leveraged,' basedon our criteria. We regard the company's business risk profile as'vulnerable,' based on significant risks of continued structuraland cyclical decline in the print directory sector. Structuralrisks include increased competition from online and otherdistribution channels as small business advertising expands acrossa greater number of marketing channels," S&P said.

"Under our base-case scenario, we expect Dex One's 2012 revenuesand EBITDA to show a mid-teens percentage and high-teens to low-20% rate decline, reflecting ongoing advertising declines due to acontinued shift toward more efficient and lower-cost digitaladvertising platforms. Despite good growth in online bookings,which amount to about 20% of total bookings, we believe that totalbookings will continue to decline at a mid-teens percentage rateover the near term. We do not expect that digital booking growthwill offset print booking declines because Dex One has not beenable to convert a significant portion of its print customerrelationships into digital customers, even though some have beenbundled. As a result, we expect the EBITDA margin to deteriorateat an increasing rate, leverage to continue to rise, anddiscretionary cash flow to decline further," S&P said.

The operating partnership will subsequently use the net proceedsto temporarily repay borrowings under its global revolving creditfacility, to acquire additional properties, to fund developmentand redevelopment opportunities, for general corporate purposes,including potentially for the repurchase, redemption or retirementof outstanding debt or preferred equity securities.

The company's 'BBB' IDR reflects the solid performance of thecompany's large datacenter portfolio. The portfolio benefits fromfavorable demand, high barriers to entry, as well as long-termleases, and contributes towards improving fixed charge coverage.Digital Realty also has a strong balance sheet, a deep bench interms of real estate and technical expertise professionals, and agood liquidity profile.

The ratings also take into account that the company is a nichereal estate investment trust (REIT) that is by definition exposedto the technology industry. Technology industry obsolescence andcycles can cause industry volatility, creating vacancy but alsoenable new entrants to fill empty space. In addition, the companyhas robust unencumbered asset coverage of unsecured debt, but itsaccess to secured debt for contingent liquidity and financialflexibility may be more constrained than for REITs in othercommercial property sectors.

Positive demand drivers for datacenters include growth in datastorage and use by corporate enterprises, telecommunicationcompanies, providers of colocation (multi-tenant datacenterproduct offered on the basis of individual racks or cages), andother customers such as social networking sites. Cloud computing(shared resources provided to internet computing devices ondemand) and other changes in information technology are alsoboosting datacenter demand, while expensive building costs limitnew supply.

In this context, leasing trends remain positive for DigitalRealty's Turn-Key Datacenters (TKD) that offer metered power tovarious customers, as well as Powered Base Building (PBB) spacethat enables tenants to build out their own datacenter facilities.TKD and PBB lease renewal rates increased in the fourth quarter of2011 (4Q'11) by 2.2% and 15.3%, respectively, resulting in samestore net operating income growth of 6.4% in 4Q'11. Same storeNOI increased by 9.9%, 11.1% and 9.4% in 3Q'11, 2Q'11 and 1Q'11,respectively. Tier1 Research, LLC projects that datacenterrevenue growth will continue on its current trajectory during2012-2013, which Fitch believes will provide opportunities forDigital Realty to continue to increase rents and leasing up spaceunder construction.

Top tenants as of Dec. 31, 2011 were CenturyLink, Inc. (Fitch IDR'BBB-' with a Stable Outlook) at 10.2% annualized rent, EquinixOperating Company, Inc. at 4.1%, Facebook, Inc. at 3.9%, TelXGroup, Inc. at 3.4%, and Morgan Stanley (Fitch IDR 'A' with aStable Outlook) at 3.4%. Exposure to top tenants is declining viaacquisitions, and CenturyLink's acquisition of Savvis in July 2011improved the credit profile of Digital Realty's top tenant, bothof which Fitch views positively.

Digital Realty's remaining lease term was seven years and weightedaverage original lease term was 13.9 years as of Dec. 31, 2011,providing cash flow predictability absent tenant bankruptcies.The company also has a staggered lease expiration schedule. As ofDec. 31, 2011, 5.9%, 8.1%, and 12.7% of annualized rent wasscheduled to expire in 2012, 2013, and 2014, respectively.

The company's fixed charge coverage ratio (recurring operatingEBITDA less recurring capital expenditures less straight-line rentadjustments divided by total interest incurred and preferreddividends) was 2.8 times (x) in 2011, up from 2.4x and 2.2x in2010 and 2009, respectively. 4Q'11 fixed charge coverage was 2.7xand coverage declines to 2.6x pro forma for the series F preferredstock transaction, as the company used the proceeds to pay down aportion of lower cost obligations on the revolving creditfacility.

Fitch projects continued mid-to-high single same-store NOI growth,along with acquisitions in the 8% to 9% capitalization rate rangeand a gradual lease-up of construction in progress, to result infixed charge coverage approaching 3.0x over the next 12 to 24months.

In a downside case where the majority of the company's currentdevelopment pipeline remains unleased, fixed charge coverage woulddecline from current levels but remain above 2.5x, which would beadequate for the current rating. In a more adverse case notanticipated by Fitch whereby tenant bankruptcies result in a 10%decline in NOI, fixed charge coverage would fall just below 2.5x,which would be weak for the current rating.

Digital Realty has low leverage for a REIT with net debt torecurring operating EBITDA of 4.7x as of Dec. 31, 2011 comparedwith 5.5x and 4.5x as of Dec. 31, 2010 and Dec. 31, 2009. Netdebt to 4Q'11 annualized recurring operating EBITDA pro forma forthe series F preferred stock transaction is 4.2x. Fitchanticipates that leverage will sustain in the mid 4x to 5x rangeas the company continues to utilize a combination of debt andequity issuance to fund acquisitions and development. Forexample, on Feb. 22, 2012, the company acquired ConvergenceBusiness Park in Lewisville, TX for $123 million, which was fundedwith the revolving credit facility, and year-to-date through March28, 2012, the company sold 957,000 shares under its at-the-marketequity distribution program.

In a downside case where the majority of the company's currentdevelopment pipeline remains unleased, leverage would approach5.0x in the near term. In a more adverse case not anticipated byFitch whereby tenant bankruptcies result in a 10% decline NOI,leverage would rise above 5.0x. Both of these downside leveragelevels would remain appropriate for the rating.

Digital Realty's management team has a good track record ofacquiring and developing assets with attractive returns, as well atechnical staff focused on operating efficiencies. For example,the company improved the efficiency of cooling towers in theRockwood Capital/365 Main portfolio by providing additional ITload, which generated incremental revenue.

While the company's metrics are strong for a 'BBB' IDR, the ratingtakes into account the company's exposure to the technologymarket. Digital Realty went public in 2004 several years afterthe dot com bubble burst and has experienced a favorabletechnology environment through economic cycles. Moreover,uncertainties lurk, such as the risk that Digital Realty's moresuccessful tenants choose to develop their own datacenters, asopposed to lease space from the company.

Digital Realty's top five markets are Silicon Valley (12% ofannualized rent as of Dec. 31, 2011), Northern Virginia (10.4%),San Francisco (9.7%), the New York metropolitan region (9.3%), andDallas (9.2%). The company continues to expand in Europe andacross the Asia-Pacific, including Singapore and Australia, totake advantage of datacenter needs. This expansion should providea broader tenant base and the potential for above-averageinvestment returns.

As of Dec. 31, 2011, Digital Realty's portfolio consisted of 101properties, excluding three unconsolidated joint ventureproperties, of which 75% is unencumbered based upon annualized4Q'11 NOI. Unencumbered assets (4Q'11 unencumbered NOI divided bya stressed capitalization rate of 10%) to unsecured debt was 2.2xas of Dec. 31, 2011, and 2.4x pro forma for the series F preferredstock transaction, which is solid for a 'BBB' IDR. However, thecompany's access to secured debt for contingent liquidity may bemore constrained than for REITs in more conventional commercialproperty sectors given the less-proven nature of the asset classthrough cycles. That being said, the covenants in the company'scredit agreements do not restrict Digital Realty's financialflexibility.

The Stable Outlook reflects Fitch's projection that fixed chargecoverage will approach 3x, that leverage will remain approximatelyin the mid-4x range, and that the company will continue itsgradual tenant and asset diversification via acquisitions anddevelopment.

The two-notch differential between Digital Realty's IDR andpreferred stock rating is consistent with Fitch's criteria forcorporate entities with an IDR of 'BBB'. Based on Fitch researchtitled 'Treatment and Notching of Hybrids in NonfinancialCorporate and REIT Credit Analysis', available on Fitch's web siteat 'www.fitchratings.com', these preferred securities are deeplysubordinated and have loss absorption elements that would likelyresult in poor recoveries in the event of a corporate default.

Fitch does not anticipate positive rating momentum over the nearterm. However, the following factors may have a positive impact onDigital Realty's ratings and/or Outlook:

"The company plans to use the net proceeds from the offering totemporarily repay borrowings under its global revolving creditfacility, acquire additional properties, fund development andredevelopment opportunities. The company also plans to use the netproceeds for general corporate purposes such as for therepurchase, redemption, or retirement of outstanding debt and/orpreferred equity securities. As of March 26, 2012, Digital's $1.5billion global revolving credit facility (due November 2016) hadtotal outstanding borrowings of $583.5 million, excludingcommitted letters of credit," S&P said.

"Our ratings on Digital Realty Inc. and Digital Realty Trust L.P.(collectively, Digital) acknowledge the company's 'satisfactory'business profile, given its good competitive position as amultimarket datacenter provider, and a financial profile that wecurrently consider 'intermediate,' based on moderate leverage,strong debt coverage measures, and management's willingness todate to issue equity to finance leverage-neutral growth," S&Psaid.

DOT VN: Incurs $510,590 Net Loss in Jan. 31 Quarter---------------------------------------------------DOT VN, Inc., filed with the U.S. Securities and ExchangeCommission its quarterly report on Form 10-Q disclosing a net lossof $510,590 on $180,110 of revenue for the three months endedJan. 31, 2012, compared with a net loss of $993,813 on $212,299 ofrevenue for the same period a year ago.

The Company reported a net loss of $2.89 million on $644,996 ofrevenue for the nine months ended Jan. 31, 2012, compared with anet loss of $3.95 million on $790,609 of revenue for the sameperiod during the prior year.

The Company's balance sheet at Jan. 31, 2012, showed $2.49 millionin total assets, $9.20 million in total liabilities and a $6.70million total shareholders' deficit.

Following the 2011 results, PLS CPA, in San Diego, Calif., notedthat the Company's losses from operations raised substantial doubtabout its ability to continue as a going concern.

The Company is the "exclusive online global domain name registrarfor .VN (Vietnam)." Dot VN is the sole distributor of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR WirelessGigabit Radios to Vietnam and Southeast Asia region. Dot VN isheadquartered in San Diego, California with offices in Hanoi,Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,under the name Trincomali Ltd.

DRYDOCKS WORLD: May Seek Legal Ruling on Debt Restructuring-----------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Drydocks World isthreatening to seek a legal ruling from a special Dubai tribunalset up during the emirate's debt crisis in 2009, in order toovercome the opposition of some lenders to its $2.2 billion debtrestructuring plan, according to four people familiar with thematter.

Drydocks World is a Dubai-based ship-building and repair company.

EAGLE HOSPITALITY: Meets With FRBNY, Mulls Chapter 11-----------------------------------------------------Representatives of Eagle Hospitality Properties Trust, Inc.disclosed that the Federal Reserve Bank of New York had grantedthem a meeting regarding their request to restructure a portfolioof commercial real estate loans secured by Eagle's hotelproperties and related assets. At the meeting, a possible meansof restructuring was discussed between FRBNY and Eagle. Theloans, which mature in September 2012, were acquired by FRBNY fromBear Stearns as part of the United States government's acquisitionof certain Bear Stearns' assets in JPMorgan Chase's takeover ofBear Stearns in 2008.

A restructuring of the loans could be beneficial for all the loanparties and to third parties, including investors and hotelworkers, whose livelihood and investments are tied to thesuccessful operation of the underlying hotel properties.

While Eagle was encouraged by its discussions with FRBNY, there isno restructuring agreement in place. Therefore, Eagle, workingwith the Business Solutions & Governance Department at Dewey &LeBoeuf, is simultaneously exploring all available alternativesand strategies to restructure the loans, including a potentialchapter 11 bankruptcy case. It remains Eagle's hopes that alllitigation scenarios will be avoided.

On August 15, 2007, Eagle Hospitality Properties Trust, Inc.completed a merger with AP AIMCAP Holdings LLC, a Delaware limitedliability company (also known as "New Eagle"), a joint venture ofApollo Real Estate Venture Fund V, L.P. and AIMCAP VII LLC,pursuant to a Plan of Merger, dated as of April 27, 2007.

EASTBRIDGE INVESTMENT: Incurs $766,000 Net Loss in 2011-------------------------------------------------------EastBridge Investment Group Corporation filed with the U.S.Securities and Exchange Commission its Annual Report on Form 10-Kdisclosing a net loss of $766,414 on $35,500 of revenue in 2011,compared with a net loss of $174,955 on $1.74 million of revenuein 2010.

The Company's balance sheet at Dec. 31, 2011, showed $1.54 millionin total assets, $1.97 million in total liabilities and a $425,656total stockholders' deficit.

For 2011, Tarvaran Askelson & Company, LLP, in Laguna Niguel,California, expressed substantial doubt about the Company'sability to continue as a going concern. The independent auditorsnoted that the Company's viability is dependent upon its abilityto obtain future financing and the success of its futureoperations.

Bankruptcy Warning

The independent auditor's report on the Company's financialstatements contains explanatory language that substantial doubtexists about the Company's ability to continue as a going concern.The report states that the Company depends on the continuedfinancial contributions of its executive officers and theirability to execute its business strategy and to generate liquidityfrom its client engagements. If the Company is unable to obtainsufficient additional financing in the near term, achieveprofitability or achieve client listing obligations, then theCompany would, in all likelihood, experience severe liquidityproblems and may have to curtail its operations. If the Companycurtails its operations, it may be placed into bankruptcy orundergo liquidation, the result of which will adversely affect thevalue of its common shares.

Scottsdale, Arizona-based EastBridge Investment Group Corporationis one of a small group of United States companies solelyconcentrated in marketing business consulting services to closelyheld, small to mid-size Asian companies that require theseservices for expansion. EastBridge had fourteen clients as of thedate of this filing, that it is assisting in becoming publiccompanies, reporting pursuant to the Securities Exchange Act of1934, as amended, in the United States and obtaining listings fortheir stock on a U.S. stock exchange or over-the-counter market.All clients are located in Asia-Pacifica.

EAU TECHNOLOGIES: Delays Form 10-K for 2011-------------------------------------------EAU Technologies, Inc., was unable to file its annual report onForm 10-K for the period ended Dec. 31, 2011, within theprescribed time period without unreasonable effort or expense.The compilation, dissemination and review of the informationrequired to be presented in the Dec. 31, 2011, Form 10-K hasimposed time constraints that have rendered timely filing of theForm 10-K impracticable without undue hardship and expense to theCompany.

The Company is still in the process of compiling the necessaryinformation to complete the Form 10-K and of obtaining the auditof the financial statements by the Company's Auditors by thefiling deadline.

The Company expects to file the Form 10-K on or before Monday,April 16, 2012, in full compliance with the rules of the SEC.

About EAU Technologies

Kennesaw, Ga.-base EAU Technologies, Inc., is in the business ofdeveloping, manufacturing and marketing equipment that uses waterelectrolysis to create non-toxic cleaning and disinfecting fluidsfor food safety applications as well as dairy drinking water.

As reported by the TCR on April 7, 2011, HJ & Associates, LLC, inSalt Lake City, Utah, expressed substantial doubt about EAUTechnologies' ability to continue as a going concern following theCompany's 2010 results. The independent auditors noted that theCompany has a working capital deficit as well as a deficit instockholders equity.

The Company also reported a net loss of $2.25 million on$1.25 million of net revenues for the nine months ended Sept. 30,2011, compared with net income of $3.15 million on $247,966 of netrevenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed$2.58 million in total assets, $8.81 million in total liabilities,all current, and a $6.22 million total stockholders' deficit.

EGPI FIRECREEK: Delays Form 10-K for 2011-----------------------------------------EGPI Firecreek, Inc., was unable to file its Form 10-K within theprescribed period without unreasonable expense because managementhas not been able to complete the adjustments necessary to preparethe Form 10-K due to outside information not yet available. TheCompany fully expects to be able to file within the additionaltime allowed by this report.

About EGPI Firecreek

Scottsdale, Ariz.-based EGPI Firecreek, Inc. (OTC BB: EFIR) wasformerly known as Energy Producers, Inc., an oil and gasproduction company focusing on the recovery and development of oiland natural gas.

The Company has been focused on oil and gas activities fordevelopment of interests held that were acquired in Texas andWyoming for the production of oil and natural gas through Dec. 2,2008. Historically in its 2005 fiscal year, the Company initiateda program to review domestic oil and gas prospects and targets.As a result, EGPI acquired non-operating oil and gas interests ina project titled Ten Mile Draw located in Sweetwater County,Wyoming for the development and production of natural gas. InJuly 2007, the Company acquired and began production of oil at the2,000 plus acre Fant Ranch Unit in Knox County, Texas. This wasfollowed by the acquisition and commencement in March 2008 of oiland gas production at the J.B. Tubb Leasehold Estate located inthe Amoco Crawar Field in Ward County, Texas.

The Company's balance sheet at June 30, 2011, showed $5.14 millionin total assets, $5.00 million in total liabilities, all current,$3.73 million in Series D preferred stock, and a $3.59 milliontotal shareholders' deficit.

The Tokyo District Court immediately rendered a temporaryrestraining order to restrain creditors from demanding repaymentof debt or exercising their rights with respect to the company'sassets absent prior court order.

Atsushi Toki, Attorney-at-Law, has been appointed by the TokyoCourt as Supervisor and Examiner in the case.

ELPIDA MEMORY: CDS Holders Will Get 79% of Notional Value---------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that holders of creditdefault swaps for Elpida Memory Inc. will receive 79% of thenotional value of their contracts, according to the result of anauction.

About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a Japan-based company principally engaged in the development,design, manufacture and sale of semiconductor products, with afocus on dynamic random access memory (DRAM) silicon chips. Themain products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,Mobile RAM and XDR DRAM, among others. The Company distributesits products to both domestic and overseas markets, including theUnited States, Europe, Singapore, Taiwan, Hong Kong and others.The company has eight subsidiaries and two associated companies.

The Tokyo District Court immediately rendered a temporaryrestraining order to restrain creditors from demanding repaymentof debt or exercising their rights with respect to the company'sassets absent prior court order.

Atsushi Toki, Attorney-at-Law, has been appointed by the TokyoCourt as Supervisor and Examiner in the case.

EMPIRE RESORTS: Incurs $24,000 Net Loss in 2011-----------------------------------------------Empire Resorts, Inc., filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing a net loss of$24,000 on $70.19 million of net revenues for the year endedDec. 31, 2011, compared with a net loss of $17.57 million on$68.54 million of net revenues during the prior year.

The Company's balance sheet at Dec. 31, 2011, showed $49.83million in total assets, $24.95 million in total liabilities and$24.87 million in total stockholders' equity.

ENER1 INC: Officially Emerged from Chapter 11 on March 30---------------------------------------------------------Ener1, Inc., announced Friday it has completed its financialrestructuring and successfully emerged from Chapter 11 bankruptcyas a privately-held company. The U.S. Bankruptcy Court in theSouthern District of New York confirmed the Company's Plan ofReorganization on Feb. 28, 2012, and the Plan became effective onMarch 30, 2012.

Alex Sorokin, Ener1's interim-CEO said, "We have emerged frombankruptcy with significantly less debt, more working capital anda stronger financial position to enable us to compete moreeffectively in pursuing business opportunities to provide energystorage solutions for electric grid, transportation and industrialapplications. We are grateful for the strong support of ourprimary investors, customers, employees and suppliers throughoutthis process."

The Company restructured its long-term debt and secured aninfusion of up to $86 million of new equity funding, which willsupport the continued operation of Ener1's subsidiaries. Inaddition to the new equity funding, the holders of the existingsenior notes, the convertible notes and a line of credit haverestructured their debt in a partial debt-for- equity exchange.

In accordance with Ener1's prior announcements, and as providedfor by the Plan, Ener1's common stock (which had traded over thecounter with the symbol HEVV) was canceled effective as ofMarch 30, 2012, and Ener1 will no longer be an SEC reportingcompany. Holders of the canceled common stock did not receive anydistribution of any kind under the Plan.

The Company issued new shares of preferred stock in considerationof the new equity funding that will flow into the Company and inrepayment of the debtor-in-possession loan received by the Companyin connection with the restructuring. The existing senior noteswere exchanged for a combination of cash, new common stock and newnotes, while the convertible notes were exchanged for acombination of cash and new common stock. The amount due underthe existing line of credit was canceled in exchange for newcommon stock.

About Ener1

Ener1 Inc. (OTC: HEVV) -- http://www.ener1.com/-- is a New York- based developer of compact, lithium-ion-powered energy storagesolutions for applications in the electric utility, transportationand industrial electronics markets. It has three business lines:EnerDel, an 80.5% owned subsidiary, which is 19.5% owned byDelphi, develops Li-ion batteries, battery packs and componentssuch as Li-ion battery electrodes and lithium electroniccontrollers for lithium battery packs; EnerFuel develops fuel cellproducts and services; and NanoEner develops technologies,materials and equipment for nano-manufacturing.

Ener1, which received a $118 million U.S. Energy Department grantto make electric-car batteries, filed for Chapter 11 bankruptcy(Bankr. S.D.N.Y. Case No. 12-10299) on Jan. 26, 2012, to implementa prepackaged plan of reorganization. The Plan has beenunanimously accepted by all of Ener1's impaired creditors.

Judge Martin Glenn oversees the case. Reed Smith LLP is Ener1'slegal adviser and its financial adviser is Houlihan Lokey CapitalInc. The Garden City Group serves as its claims and noticingagent. In its petition, Ener1 estimated $73,900,000 in assets and$90,538,529 in liabilities. The petition was signed by AlexSorokin, interim chief executive officer.

The U.S. Bankruptcy Court in the Southern District of New Yorkconfirmed the Company's Plan of Reorganization on Feb. 28, 2012,and the Plan became effective on March 30, 2012.

The Plan provides for a restructuring of the Company's long-termdebt and the infusion of up to $86 million of new capital pursuantto the terms and subject to the conditions of the equitycommitment agreement that will provide both exit financing andworking capital to conduct the continued operation of theCompany's consolidated subsidiaries. The first $55 million underthe Exit Financing will be provided by Bzinfin, and will becomprised of cash plus the principal amount outstanding under theDIP Facility, which amount will be converted into New PreferredStock. The balance of $31 million will be provided by Bzinfintogether with the other Participating Lenders.

Pursuant to the Plan, the Company's $57.3 million in outstandingprincipal amount of Tranche A and Tranche B 8.25% senior unsecurednotes, $10.0 million in outstanding principal amount of 6% seniorconvertible notes and the Company's Line of Credit Facility, underwhich $11.2 million principal is outstanding will be terminated inexchange for (i) a combination of shares of new common stock, parvalue $0.01 per share, issued by the reorganized Company.

Aside from the restructured long-term debt, the claims of generalunsecured creditors are unimpaired and will be paid by the Companyin full in the ordinary course of business pursuant to the Plan.

Pursuant to the Plan, all of the Company's currently outstandingCommon Stock will be canceled on the Effective Date withoutreceiving any distribution.

ENER1 INC: Terminates Registration of Company's Common Stock------------------------------------------------------------Ener1 Inc. has filed with the U.S. Securities and ExchangeCommission a Form 15 certification and notice of termination ofregistration under Section 12(g) of the Securities Exchange Act of1934 or suspension of duty to file reports under Sections 13 and15(d) of the Securities Exchange Act of 1934. Said certification/notice covers the Company's Common Stock, par value $0.01 pershare.

Ener1 Inc. (OTC: HEVV) -- http://www.ener1.com/-- is a New York- based developer of compact, lithium-ion-powered energy storagesolutions for applications in the electric utility, transportationand industrial electronics markets. It has three business lines:EnerDel, an 80.5% owned subsidiary, which is 19.5% owned byDelphi, develops Li-ion batteries, battery packs and componentssuch as Li-ion battery electrodes and lithium electroniccontrollers for lithium battery packs; EnerFuel develops fuel cellproducts and services; and NanoEner develops technologies,materials and equipment for nano-manufacturing.

Ener1, which received a $118 million U.S. Energy Department grantto make electric-car batteries, filed for Chapter 11 bankruptcy(Bankr. S.D.N.Y. Case No. 12-10299) on Jan. 26, 2012, to implementa prepackaged plan of reorganization. The Plan has beenunanimously accepted by all of Ener1's impaired creditors.

Judge Martin Glenn oversees the case. Reed Smith LLP is Ener1'slegal adviser and its financial adviser is Houlihan Lokey CapitalInc. The Garden City Group serves as its claims and noticingagent. In its petition, Ener1 estimated $73,900,000 in assets and$90,538,529 in liabilities. The petition was signed by AlexSorokin, interim chief executive officer.

The U.S. Bankruptcy Court in the Southern District of New Yorkconfirmed the Company's Plan of Reorganization on Feb. 28, 2012,and the Plan became effective on March 30, 2012.

The Plan provides for a restructuring of the Company's long-termdebt and the infusion of up to $86 million of new capital pursuantto the terms and subject to the conditions of the equitycommitment agreement that will provide both exit financing andworking capital to conduct the continued operation of theCompany's consolidated subsidiaries. The first $55 million underthe Exit Financing will be provided by Bzinfin, and will becomprised of cash plus the principal amount outstanding under theDIP Facility, which amount will be converted into New PreferredStock. The balance of $31 million will be provided by Bzinfintogether with the other Participating Lenders.

Pursuant to the Plan, the Company's $57.3 million in outstandingprincipal amount of Tranche A and Tranche B 8.25% senior unsecurednotes, $10.0 million in outstanding principal amount of 6% seniorconvertible notes and the Company's Line of Credit Facility, underwhich $11.2 million principal is outstanding will be terminated inexchange for (i) a combination of shares of new common stock, parvalue $0.01 per share, issued by the reorganized Company.

Aside from the restructured long-term debt, the claims of generalunsecured creditors are unimpaired and will be paid by the Companyin full in the ordinary course of business pursuant to the Plan.

Pursuant to the Plan, all of the Company's currently outstandingCommon Stock will be canceled on the Effective Date withoutreceiving any distribution.

PMB Helin Donovan, LLP, in San Francisco, California, expressedsubstantial doubt about Enova Systems' ability to continue as agoing concern. The independent auditors noted that the Companyhas suffered recurring losses from operations, decline in sales,and has a need for a substantial additional capital investment.

The Company reported a net loss of $7.0 million on $6.6 million ofrevenues for 2011, compared with a net loss of $7.4 million on$8.6 million of revenues for 2010.

The Company's balance sheet at Dec. 31, 2011, showed $9.3 millionin total assets, $4.0 million in total liabilities, andstockholders' equity of $5.3 million.

Everest Acquisition L.L.C. is the acquisition vehicle formed byApollo Global Management LLC, Riverstone Holdings LLC, AccessIndustries Inc., Korea National Oil Company (collectively theSponsors), and other investors to acquire all of El PasoCorporation's oil and gas exploration & production assets. Uponclosing, Everest will be renamed EP Energy, LLC (EP Energy).Everest Acquisition Finance Inc. is a co-issuer of the seniorsecured notes and the senior unsecured notes and will be renamedEP Energy Finance Inc. upon closing.

The total consideration paid will be $7.15 billion, plus fees andexpenses. Moody's ratings are based on a capital structure thatincludes $3.2 billion of contributed equity, $800 million ofsenior secured credit facility debt, a $500 million senior securedterm loan, $500 million of senior secured notes, and $2.5 billionof senior unsecured notes. The senior secured debt will beborrowed under a new $2 billion secured revolving credit thatenjoys a first lien on most of the US domestic assets of EPEnergy. The senior secured term loan and senior secured notes willhave a second lien on the same assets as the revolving credit aswell as a first lien on the stock of EP Energy's first-tierinternational subsidiaries, with customary exceptions.

"EP Energy has a well-diversified portfolio of properties and acredible strategy to reduce its exposure to weak natural gasprices using the drillbit," said Stuart Miller, Moody's VicePresident -- Senior Analyst. "While the company will be operatingwith a very leveraged balance sheet that may constrain capitalspending levels at times, the management team has successfullynavigated around the same challenge in the past as a subsidiary ofEl Paso Corporation."

Ratings Rationale

EP Energy is a relatively large and diversified independent oiland gas exploration & production company. While historicallynatural gas focused, the company is migrating towards moreexposure to oil and liquids-rich production. At year end-2011,approximately 20% of EP Energy's production was liquids orientedwith an expectation that this percentage could double and rise toabout 40% over the next two to three years. The company hasroughly 70% of its 2012 natural gas production hedged at about$4.70 per mcf which helps to mitigate the downside risk tocommodity prices in the short term.

Despite its natural gas heritage, EP Energy has attractivepositions in the fairway of the oil window of the Eagle FordShale, in areas of the Permian Basin that are prospective for theWolfcamp Shale, and in the Altamont Field in the Uinta Basin ofUtah, an oil province known for its yellow wax crude. These threeoil plays account for about 80% of the company's capital spendingplans in 2012. With its large acreage positions in these plays, itwill take many years for EP Energy to drill the inventory of low-risk development drilling locations. Moody's believes EP Energy'sasset base could support a solid Ba CFR because of its scale,diversity, and inventory of drilling locations, as well as thecompany's operating efficiency,. However, the capital structureand the high level of debt leverage drives the rating lower.

EP Energy will be highly leveraged following its acquisition.Notwithstanding the $3.2 billion of equity contributed by theSponsors, debt to average daily production at year end 2012 isprojected to be approximately $32,000 per Boe while debt to proveddeveloped reserves is expected to be about $14 per Boe -- bothmetrics are high for a Ba3 rating. In addition, Moody's envisionsthe company modestly outspending cash flow over the next twoyears, increasing its debt, while production and reserves remainfairly constant as the company transitions to a more oily mix ofreserves and production. Therefore, rather than improving, Moody'sbelieves leverage could actually increase over time. Because thebeginning leverage weakly positions EP Energy within the Ba3rating level, without reserve and production growth, anysignificant increase in debt could lead to a downgrade.

Given EP Energy's ownership by private equity, Moody's expectsminimal debt reduction and for leverage to remain at aggressivelevels. Cash from operations is expected to be re-invested in theasset base to increase production and reserves with the ultimateintention to position the company for an IPO or sale. Therefore itis possible that leverage may increase modestly if investmentopportunities provide an acceptable return and if the resourcedevelopment will aid in the Sponsors' exit strategy.

Moody's believes EP Energy has adequate liquidity to execute itsbusiness plan despite the projected out-spending of internallygenerated cash flow. At closing, EP Energy is projected to haveabout $1.2 billion of availability under its reserve basedrevolving credit facility which may be needed to fund negativefree cash flow of $200 to $250 million. It would not be surprisingto see the sale of non-core assets, especially the internationalassets or widely-dispersed non-core natural gas assets, as theirsale could fund additional capital investment in EP Energy's moreoily assets. It would be out of character for the Sponsors to useany sales proceeds to reduce debt or to build liquidity.

Moody's has a stable outlook for EP Energy. However, should theratio of debt to average daily production exceed $36,000 per Boeand appear poised to remain at that level, a downgrade will beconsidered. Alternatively, if leverage drops below $25,000 perBoe, it may suggest a change to a more conservative financialprofile which could be justification to consider an upgrade.

The principal methodology used in rating EP Energy LLC. was theGlobal Independent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

EP Energy LLC is a private, independent exploration & productioncompany based in Houston, Texas. Formerly owned by El PasoCorporation, it was taken private a group of financial sponsorsled by Apollo Global Management LLC.

EVEREST CROSSING: Files for Chapter 11 Bankruptcy Protection------------------------------------------------------------Eric Convey at Boston Business Journal reports that EverestCrossing LLC has filed for Chapter 11 protection, listing assetsin the range of $1 million to $10 million and debts in the rangeof $100,000 to $500,000.

The report notes Everest Crossing is represented in the bankruptcyproceedings by lawyer Michael Van Dam of Wellesley, Mass.

According to the report, the bankruptcy proceedings are not thefirst for Everest Crossing. In an earlier matter, a judgeattributed the filing in large part to difficulties betweenEverest Crossing and its Harvard Square-area landlord. Themanager of Everest Crossing is Solmon Chowdury.

Everest Crossing LLC operates a restaurant known as OM Restaurantin the Harvard Square section of Cambridge, Massachusetts. Therestaurant occupies leased space in the Crimson Galleria under a2005 lease agreement. It first sought Chapter 11 protection(Bankr. D. Mass. Case No. 09-16664) on July 15, 2009, wasrepresented by Herbert Weinberg, Esq., at Rosenberg & Weinberg inNorth Andover, Mass., and estimated its assets at $500,001 to$1 million and debts at $1 million to $10 million at the time ofthe filing.

FEDERATED HEARTLAND: Can Use Lender's Cash Through April 30-----------------------------------------------------------Bankruptcy Judge Wendelin I. Lipp signed off on a Stipulation andConsent Order that permits Federated Heartland, Inc., to continueusing cash collateral through April 30, 2012. On March 9, 2012,the Court approved and entered an Interim Agreement and ConsentOrder authorizing the Debtor to use cash collateral and grantingadequate protection with All In Production, LLP, the lender. Byits terms, the Interim Agreement was scheduled to expire March 31,2012.

The Debtor said it has a continuing need to use Cash Collateral tofund the operation and preserve the value of the Debtor's assets.

The Lender is owed $2.95 million under a 2011 senior securedpromissory note.

FIRST MARINER: Incurs $30.2 Million Net Loss in 2011----------------------------------------------------First Mariner Bancorp filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing a net loss of$30.24 million on $47.50 million of total interest income in 2011,a net loss of $46.58 million on $55.22 million of total interestincome in 2010, and a net loss of $22.28 million on $59.81 millionof total interest income in 2009.

The Company's balance sheet at Dec. 31, 2011, showed $1.17 billionin total assets, $1.20 billion in total liabilities, and a$25.41 million total stockholders' deficit.

Stegman & Company, in Baltimore, Maryland, expressed substantialdoubt about the Company's ability to continue as a going concern.The independent auditors noted that the Company continued to incursignificant net losses in 2011, primarily from loan losses andcosts associated with real estate acquired through foreclosure.The Company has insufficient capital per regulatory guidelines andhas failed to reach capital levels required in the Cease andDesist Order issued by the Federal Deposit Insurance Corporationin September 2009.

Bankruptcy Warning

As of Dec. 31, 2011, the Bank's and the Company's capital levelswere not sufficient to achieve compliance with the higher capitalrequirements the Company was required to have met by June 30,2010. The failure to meet and maintain these capital requirementscould result in further action by the Company's regulators.

In the September Order, the FDIC and the Commissioner directed theBank to raise its leverage and total risk-based capital ratios to6.5% and 10%, respectively, by March 31, 2010 and to 7.5% and 11%,respectively, by June 30, 2010. The Company did not meet theserequirements. The Company has been in regular communication withthe staffs of the FDIC and the Commissioner regarding efforts tosatisfy the higher capital requirements.

First Mariner currently does not have any material amounts ofcapital available to invest in the Bank and any further increasesto the Company's allowance for loan losses and operating losseswould negatively impact the Company's capital levels and make itmore difficult to achieve the capital levels directed by the FDICand the Commissioner.

Because the Company has not met all of the capital requirementsset forth in the September Order within the prescribed timeframes,the FDIC and the Commissioner could take additional enforcementaction against the Company, including the imposition of monetarypenalties, as well as further operating restrictions. The FDIC orthe Commissioner could direct us to seek a merger partner orpossibly place the Bank in receivership. If the Bank is placedinto receivership, the Company would cease operations andliquidate or seek bankruptcy protection. If the Company were toliquidate or seek bankruptcy protection, First Mariner does notbelieve that there would be assets available to holders of thecapital stock of the Company.

Headquartered in Baltimore, Maryland, First Mariner Bancorp-- http://www.1stmarinerbancorp.com/-- is a bank holding company whose business is conducted primarily through its wholly ownedoperating subsidiary, First Mariner Bank, which is engaged in thegeneral general commercial banking business. First Mariner wasestablished in 1995 and has total assets in excess of $1.3 billionas of Dec. 31, 2010.

"Quantitative measures established by regulation to ensure capitaladequacy require the [First Mariner] Bank to maintain minimumamounts and ratios of total and Tier I capital to risk-weightedassets, and of Tier I capital to average quarterly assets," theCompany said in the filing. "As of March 31, 2011, the Bank was"under-capitalized" under the regulatory framework for promptcorrective action."

FIRST SECURITY: Incurs $23 Million Net Loss in 2011---------------------------------------------------First Security Group, Inc., filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing anet loss of $23.06 million on $42.78 million of total interestincome in 2011, a net loss of $44.34 million on $54.91 million oftotal interest income in 2010, and a net loss of $33.45 million on$64 million of total interest income in 2009.

The Company's balance sheet at Dec. 31, 2011, showed $1.11 billionin total assets, $1.04 billion in total liabilities and $68.32million in total stockholders' equity.

For 2011, Joseph Decosimo and Company, PLLC, in Chattanooga,Tennessee, expressed substantial doubt about the Company's abilityto continue as a going concern. The independent auditors notedthat the Company has recently incurred substantial losses. TheCompany is also operating under formal supervisory agreementswith the Federal Reserve Bank of Atlanta and the Office of theComptroller of the Currency and is not in compliance with allprovisions of the Agreements. Failure to achieve all of theAgreements' requirements may lead to additional regulatoryactions.

First Security Group, Inc., is a bank holding companyheadquartered in Chattanooga, Tennessee, with $1.2 billion inassets as of Sept. 30, 2010. Founded in 1999, FirstSecurity's community bank subsidiary, FSGBank, N.A., has 37 full-service banking offices, including the headquarters, along theinterstate corridors of eastern and middle Tennessee and northernGeorgia and 325 full-time equivalent employees. In Dalton,Georgia, FSGBank operates under the name of Dalton Whitfield Bank;along the Interstate 40 corridor in Tennessee, FSGBank operatesunder the name of Jackson Bank & Trust.

"At the same time, we raised our issue rating on Forbes' $280million senior unsecured notes to 'B' (same as the corporatecredit rating) from 'B-'. The recovery rating on the notes is '4',indicating our expectation for average (30% to 50%) recovery inthe event of a default," S&P said.

"The upgrade reflects our expectations that Forbes will maintainits improved financial performance because of continued strongliquids-focused drilling levels in the U.S.," said Standard &Poor's credit analyst Paul B. Harvey. "We also expect liquidity toremain adequate should market conditions weaken from currentlevels. In particular, improved cash flows should enable Forbes toinvest in and grow its fluid handing business, which benefits fromits niche position in the eagle Ford shale. Offsetting thesepositives is Forbes' limited scale of operations and marketdiversification relative to peers, given its focus on the Southand West Texas regions."

"The stable outlook reflects our expectation that near-term marketconditions will not significantly weaken and that liquidity willremain adequate over the next 12 to 18 months. As a result, debtleverage should remain below 5x and interest coverage should notfall below 2x," S&P said.

"We could downgrade Forbes if adjusted debt leverage exceeds 6x,which could occur if revenues fall by more than 20% and grossmargin falls below 20% of revenues for an extended period," S&Psaid.

"An upgrade is unlikely over the next 12 months due to businessrisk considerations particularly Forbes lack of market diversityand limited scale of operations," S&P said.

"The lowered rating reflects our view that FPU's creditfundamentals are more in line with the 'BB' rating category," saidStandard & Poor's credit analyst Blake Cullimore. "The universityhad a deficit in fiscal 2011 due to weakening trends in itsenrollment and demand profile that resulted in declining nettuition revenues," Mr. Cullimore added.

"While the school recognizes the challenges it faces, it is ouropinion the next several years will remain difficult for theuniversity and that considerable credit risk remains," S&P said.

FUEL DOCTOR: Delays Form 10-K for 2011--------------------------------------Fuel Doctor Holdings, Inc., informed the U.S. Securities andExchange Commission that it will be late in filing its annualreport on Form 10-K for the period ended Dec. 31, 2011. Thecompilation, dissemination and review of the information requiredto be presented in the Form 10-K for the relevant period hasimposed time constraints that have rendered timely filing of theForm 10-K impracticable without undue hardship and expense to theregistrant. The Company undertakes the responsibility to filesuch report no later than fifteen days after its originalprescribed due date.

Prior to Aug. 24, 2011, the Company was a shell corporation knownas Silverhill Management Services, Inc., which was not engaged inany active business. On Aug. 24, 2011, the Company acquired FuelDoctor, LLC, a California limited liability company, in atransaction which is accounted for as a reverse acquisition. As aresult, the results of operations for periods prior to Aug. 24,2011, will be the results of operations of FDLLC, which is theaccounting acquirer.

About Fuel Doctor

Calabasas, Calif.-based Fuel Doctor Holdings, Inc., is theexclusive distributor for the United States and Canada of a fuelefficiency booster (the FD-47), which plugs into the lightersocket/power port of a vehicle and increases the vehicle's milesper gallon through the power conditioning of the vehicle'selectrical systems. The Company has also developed, and plans oncontinuing to develop, certain related products.

For the nine months ended Sept. 30, 2011, the Company has reporteda net loss of $1.9 million on $811,576 of revenues, compared witha net loss of $1.7 million on $603,329 of revenues for thecorresponding period last year.

The Company had an accumulated deficit at Sept. 30, 2011, had anet loss and net cash used in operating activities for the interimperiod then ended. "While the Company is attempting to generatesufficient revenues, the Company's cash position may not besufficient to support the Company's daily operations," the Companysaid in the filing.

FULLER BRUSH: Sec. 341(a) Creditors' Meeting Set for April 24-------------------------------------------------------------The U.S. Trustee for Region 2 will convene a meeting of creditorsin the Chapter 11 cases of The Fuller Brush Company, Inc., andCPAC, Inc., on Tuesday, April 24, 2012, at 3:00 p.m. at 80 BroadSt., 4th Floor, USTM

As reported by the Troubled Company Reporter on March 26, 2012,the U.S. Trustee previously scheduled the meeting on March 27,2012, at 2:30 p.m. That meeting was adjourned.

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. ThisMeeting of Creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

About The Fuller Brush Company

The Fuller Brush Company -- http://www.fuller.com/-- sells branded and private label products for personal care, commercialand household cleaning and has a current catalog of 2,000 cleaningproducts. Some of Fuller's retail partners include Home Trends,Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, PrimetimeSolutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller BrushCompany, Inc., and its parent, CPAC, Inc., filed for Chapter 11protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) inManhattan on Feb. 21, 2012. Fuller Brush filed for bankruptcyfive years after the company was taken over by private equity firmBuckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter11 restructuring. But it said that while in reorganization, itintends to trim about half of the current catalog of cleaningproducts.

Herrick Feinstein LP is the bankruptcy counsel.

Fuller, which has 180 employees as of the Chapter 11 filing,disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the lawfirm of Kelley Drye & Warren LLP as counsel.

The Fuller Brush Company -- http://www.fuller.com/-- sells branded and private label products for personal care, commercialand household cleaning and has a current catalog of 2,000 cleaningproducts. Some of Fuller's retail partners include Home Trends,Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, PrimetimeSolutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller BrushCompany, Inc., and its parent, CPAC, Inc., filed for Chapter 11protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) inManhattan on Feb. 21, 2012. Fuller Brush filed for bankruptcyfive years after the company was taken over by private equity firmBuckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter11 restructuring. But it said that while in reorganization, itintends to trim about half of the current catalog of cleaningproducts.

Herrick Feinstein LP is the bankruptcy counsel.

Fuller, which has 180 employees as of the Chapter 11 filing,disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the lawfirm of Kelley Drye & Warren LLP as counsel.

As reported by the Troubled Company Reporter on March 26, 2012,Mr. Perkins is the principal professional staffed by CMS on theengagement, and is the current Chief Restructuring Officer for theDebtors. Additional CMS staff will be made available to serveunder the CRO during the Chapter 11 Cases pursuant to the terms ofthe Engagement Letter. CMS and Mr. Perkins became familiar withthe Debtors' financial matters, businesses, and restructuringstrategy, prior to the Petition Date. If the Debtors weren'tpermitted to retain CMS, the Debtors would have been forced toretain a new CRO not familiar with the Debtors' restructuringefforts. The time expended in locating and retaining a new CROand in bringing a new CRO up to speed at this juncture likelywould delay and hinder the Debtors' restructuring efforts.

About The Fuller Brush Company

The Fuller Brush Company -- http://www.fuller.com/-- sells branded and private label products for personal care, commercialand household cleaning and has a current catalog of 2,000 cleaningproducts. Some of Fuller's retail partners include Home Trends,Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, PrimetimeSolutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller BrushCompany, Inc., and its parent, CPAC, Inc., filed for Chapter 11protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) inManhattan on Feb. 21, 2012. Fuller Brush filed for bankruptcyfive years after the company was taken over by private equity firmBuckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter11 restructuring. But it said that while in reorganization, itintends to trim about half of the current catalog of cleaningproducts.

Herrick Feinstein LP is the bankruptcy counsel.

Fuller, which has 180 employees as of the Chapter 11 filing,disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the lawfirm of Kelley Drye & Warren LLP as counsel.

As reported by the Troubled Company Reporter on March 27, 2012,Foulston's tasks include prosecution and maintenance ofapplications and registrations for trademarks before the U.S.Patent and Trademark Office.

Since March 2005, Foulston has represented Fuller Brush withrespect to Fuller Brush's intellectual property and trademarksmatters. Foulston is owed $16,598 for fees and expenses billedbefore the Petition Date and approximately $500 of unbilled timeon account of prepetition services rendered to Fuller Brush thatremains unpaid. Additionally Foulston received $4,448 on Dec. 20,2011, within 90 days of the Petition Date.

The current hourly rates of lawyers that will work on the Debtors'matters are $295 for William Matthews, Esq., and $220 for AliciaBodecker, Esq.

About The Fuller Brush Company

The Fuller Brush Company -- http://www.fuller.com/-- sells branded and private label products for personal care, commercialand household cleaning and has a current catalog of 2,000 cleaningproducts. Some of Fuller's retail partners include Home Trends,Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, PrimetimeSolutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller BrushCompany, Inc., and its parent, CPAC, Inc., filed for Chapter 11protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) inManhattan on Feb. 21, 2012. Fuller Brush filed for bankruptcyfive years after the company was taken over by private equity firmBuckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter11 restructuring. But it said that while in reorganization, itintends to trim about half of the current catalog of cleaningproducts.

Herrick Feinstein LP is the bankruptcy counsel.

Fuller, which has 180 employees as of the Chapter 11 filing,disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the lawfirm of Kelley Drye & Warren LLP as counsel.

FULLER BRUSH: Has Court's Nod to Hire Garden City as Claims Agent-----------------------------------------------------------------The Fuller Brush Company, Inc., and CPAC, Inc., obtainedpermission from the U.S. Bankruptcy Court for the SouthernDistrict of New York to employ GCG Inc. as claims and noticingagent.

As reported by the Troubled Company Reporter on March 26, 2012,the Debtors anticipate that there will be in excess of 5,000entities to be noticed, although they have not yet filed theirschedules of assets and liabilities. In view of the number ofanticipated claimants and the complexity of the Debtors'businesses, the Debtors submit that the appointment of a claimsand noticing agent is both necessary and in the best interests ofboth the Debtors' estates and their creditors. By appointing GCGas the claims and noticing agent, the distribution of notices andthe processing of claims will be expedited, and the office of theclerk of the Court will be relieved of the administrative burdenof processing what may be an overwhelming number of claims.

About The Fuller Brush Company

The Fuller Brush Company -- http://www.fuller.com/-- sells branded and private label products for personal care, commercialand household cleaning and has a current catalog of 2,000 cleaningproducts. Some of Fuller's retail partners include Home Trends,Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, PrimetimeSolutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller BrushCompany, Inc., and its parent, CPAC, Inc., filed for Chapter 11protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) inManhattan on Feb. 21, 2012. Fuller Brush filed for bankruptcyfive years after the company was taken over by private equity firmBuckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter11 restructuring. But it said that while in reorganization, itintends to trim about half of the current catalog of cleaningproducts.

Herrick Feinstein LP is the bankruptcy counsel.

Fuller, which has 180 employees as of the Chapter 11 filing,disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the lawfirm of Kelley Drye & Warren LLP as counsel.

FULLER BRUSH: Gets OK to Hire Herrick Feinstein as Lead Counsel---------------------------------------------------------------The Fuller Brush Company, Inc., and CPAC, Inc., obtainedpermission from the U.S. Bankruptcy Court for the SouthernDistrict of New York to employ Herrick Feinstein LLP as principalbankruptcy counsel to the Debtors.

As reported by the Troubled Company Reporter on March 26, 2012,Herrick has been providing general advice (including ancillaryrestructuring advice) to the Debtors since December 2011. TheDebtors paid a total aggregate prepetition retainer of $150,000for prepetition professional services rendered by Herrick to theDebtors in connection with the Debtors' potential prepetitionrestructuring, and preparation of the Debtors' bankruptcypetitions, first day motions and related filings. Neither theRetainer nor any other payments received by Herrick from theDebtors fully covered Herrick's prepetition fees and expenses.However, Herrick has agreed to waive any and all claims againstthe Debtors for unpaid prepetition fees and expenses (estimated atapproximately $6,000) provided that its retention as bankruptcycounsel for the Debtors is approved.

About The Fuller Brush Company

The Fuller Brush Company -- http://www.fuller.com/-- sells branded and private label products for personal care, commercialand household cleaning and has a current catalog of 2,000 cleaningproducts. Some of Fuller's retail partners include Home Trends,Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, PrimetimeSolutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller BrushCompany, Inc., and its parent, CPAC, Inc., filed for Chapter 11protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) inManhattan on Feb. 21, 2012. Fuller Brush filed for bankruptcyfive years after the company was taken over by private equity firmBuckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter11 restructuring. But it said that while in reorganization, itintends to trim about half of the current catalog of cleaningproducts.

Fuller, which has 180 employees as of the Chapter 11 filing,disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the lawfirm of Kelley Drye & Warren LLP as counsel.

FULLER BRUSH: Court Moves Schedules Filing Deadline to April 2--------------------------------------------------------------The U.S. Bankruptcy Court for the Southern District of New Yorkhas extended, at the behest of The Fuller Brush Company, Inc., andCPAC, Inc., the deadline for the filing of schedules of assets andliabilities, schedules of executor contracts and unexpired leases,and statements of financial affairs until April 5, 2012.

About The Fuller Brush Company

The Fuller Brush Company -- http://www.fuller.com/-- sells branded and private label products for personal care, commercialand household cleaning and has a current catalog of 2,000 cleaningproducts. Some of Fuller's retail partners include Home Trends,Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, PrimetimeSolutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller BrushCompany, Inc., and its parent, CPAC, Inc., filed for Chapter 11protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) inManhattan on Feb. 21, 2012. Fuller Brush filed for bankruptcyfive years after the company was taken over by private equity firmBuckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter11 restructuring. But it said that while in reorganization, itintends to trim about half of the current catalog of cleaningproducts.

Herrick Feinstein LP is the bankruptcy counsel.

Fuller, which has 180 employees as of the Chapter 11 filing,disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the lawfirm of Kelley Drye & Warren LLP as counsel.

GAGE FAMILY: Court Approves Sale of Landing Marina for $4.6-Mil.----------------------------------------------------------------Branson Tri-Lakes News reports that U.S. Bankruptcy Judge JerryVenters on March 20 approved the sale of Branson Landing Marina &Shoppes and other assets to PFC LLC for almost $4.6 million.

According to the report, the approval came after the case of GageFamily Entertainment case was converted to Chapter 7 in February2012. The report, citing court records, relates the sale includedthe floating marina and its more than 10,000 square feet ofrestaurant and retail space, the Gages' interest in the BransonLanding Princess yacht and associated licenses, trademarks,permits and websites.

According to the report, the Court's order provided the sum willbe divided between the company's two largest creditors, CommunityFirst and Associated banks, and that other liens and securedclaims may be paid out of irrevocable letters of credit held bythe two banks.

Based in Branson, Missouri, Gage Family Entertainment LLC filedfor Chapter 11 protection on July 12, 2011 (Bankr. W.D Mo. CaseNo. 11-61485). David E. Schroeder, Esq., at David Schroeder LawOffices, PC, represents the Debtor. The Debtor estimated bothassets and debts of between $1 million and $10 million.

GANNETT CO: Moody's Lowers Guaranteed Ratings to 'Ba1'------------------------------------------------------Moody's Investors Service lowered Gannett Co., Inc.'s guaranteedsenior unsecured note and credit facility ratings to Ba1 from Baa3following the maturity of the company's $307 million of seniorunguaranteed notes on April 1, 2012. As a result of the maturity,Gannett no longer has unguaranteed debt in its capital structure.The previously outstanding unguaranteed notes were structurallyjunior to the guaranteed debt and would have provided first lossabsorption in the event of a default.

Moody's believes Gannett funded the maturity with existing cashand revolver borrowings. Moody's views a reduction in debt ascredit positive, but the amount is not meaningful enough towarrant an upgrade to the Ba1 Corporate Family Rating (CFR).Because all of Gannett's funded debt is now guaranteed, Moody'sbelieves it is appropriate to reposition the guaranteed debtrating to a level that is line with the Ba1 CFR in accordance withMoody's loss given default notching methodology and the reviseddebt mix. Moody's affirmed Gannett's Ba1 CFR and stable ratingoutlook as the guaranteed debt rating adjustment is not the resultof a change in Moody's view of Gannett's overall credit profile.Moody's updated the loss given default assessments to reflect therevised debt structure.

Gannett's Ba1 CFR is supported by sizable cash flow generated froma large and geographically diverse portfolio of newspaper,broadcast and digital businesses, above average industry margins,moderate leverage, and good local brand recognition, contentinfrastructure, and advertiser relationships. These strengths aretempered by ongoing competition for consumer time and attentionthat Moody's believes will continue to pressure revenue despiteGannett's efforts to exploit content across a broad range of printand digital channels. Advertising also accounts for approximately75% of revenue and is exposed to cyclical downturns. The revenuepressure is a significant rating overhang. As a result, in Moody'sopinion, additional debt reduction is necessary to prevent creditmetrics from eroding, provide sufficient financial flexibility toinvest in growth opportunities and comfortably service debt, andto sustain the rating. Moody's expects Gannett's debt-to-EBITDAleverage (3.0x FY 2011 incorporating Moody's standard adjustmentsand excluding the minority interest share of CareerBuilder'sestimated EBITDA) will decline to a 2.5-2.7x range in 2012 and2013 assuming the pension underfunding is reduced only by requiredcontributions. Moody's anticipates Gannett will utilize its freecash flow (approximately $450 million projected for 2012) to fundshare repurchases, acquisitions and some debt reduction.

Gannett's pension underfunding jumped nearly 50% to approximately$943 million (including non-qualified plans) at the end of 2011.Gannett will likely need to fund meaningful pension contributionsover the next 3-5 years to close the gap. Gannett estimatesrequired 2012 contributions to its US and UK pension plans ofapproximately $123 million, of which it contributed $54 million inearly 2012. The increase in pension contributions (vs. $56 millionin 2011) and the February 2012 150% increase in the dividend willlead to lower free cash flow in 2012 than the $585 milliongenerated in 2011. Moody's nevertheless projects free cash flow-to-debt will be in a mid teens percentage range in 2012 and 2013.

Gannett announced a series of operational initiatives at itsFebruary 2012 investor day, including steps to generate newrevenue sources from local news and customer relationships(particularly in digital channels), expand high-impact localcontent coverage (such as sports), and further increase costefficiency. Gannett has struggled to stabilize revenue as a resultof pressure on its publishing assets, but believes theseinitiatives will allow for a return to revenue growth in a 2-4%range by 2015. Moody's anticipates that Olympic and politicalspending, continued growth in digital, and Gannett's initiativeswill lead to flat to modest revenue growth in 2012, but believesachieving and maintaining the company's targeted growth rate maybe challenging.

Gannett's SGL-2 speculative grade liquidity rating reflects itsgood liquidity position for the next 12-15 months. Gannett has nomaturities until the revolvers expire in September 2014 andMoody's projects the company will generate approximately $450million of free cash flow in 2012 after pension contributions. Therevolver commitments stepped down to $1.14 billion from $1.63billion on March 15, 2012, but there is considerable excesscapacity (approximately $600 million assuming no repayments sincethe end of December 2011 and that the April 2012 maturity wasfunded solely with the revolver). Moody's estimates Gannett willmaintain a meaningful EBITDA cushion (greater than 35%) within themaximum leverage covenants (3.5x senior and 4.0x total) in itscredit facilities.

The ratings could be lowered if liquidity weakens, free cash flow-to-debt is below 10% or debt-to-EBITDA is above 3.25x. Theaforementioned credit metrics to maintain the Ba1 CFR could betightened if revenue continues to decline. An increase in debtaccompanying a cyclical rebound in earnings or failure to continueto reduce debt could create rating pressure given Moody's viewthat declines in newspaper earnings will create upward pressure onleverage over time.

The ratings could be upgraded if Gannett maintains a solidliquidity position including a meaningful cushion under its creditfacility financial covenants, proactively manages its debtmaturities/pension obligations, demonstrates sustained revenuestability, and reduces debt by at least $1.6 billion(incorporating pensions, leases and other Moody's standardadjustments) from the level as of 12/25/11. Such debt reductionwould allow Gannett to maintain low leverage should publishingearnings largely erode.

The principal methodology used in rating Gannett is the GlobalPublishing Industry Methodology published in December 2011. Othermethodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEApublished in June 2009.

Gannett, headquartered in McLean, VA, is a diversified localnewspaper/publisher (73% FY 2011 revenue) and broadcast operator(14% revenue) that also has ownership interests in a number ofonline ventures including a 52.9% stake in CareerBuilder, which isconsolidated in Gannett's financial statements. Revenue for the FY2011 was approximately $5.2 billion.

GENERAL MOTORS: German Labor Leaders Demand Talks With Management-----------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that German laborleaders Friday called on General Motors Co. to meet and discussits Opel and Vauxhall operations immediately, following reports GMis preparing to shut one or two plants in Europe.

About General Motors

With its global headquarters in Detroit, Michigan, General MotorsCompany (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908.GM employs 208,000 people in every major region of the world anddoes business in more than 120 countries. GM and its strategicpartners produce cars and trucks in 30 countries, and sell andservice these vehicles through the following brands: Baojun,Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,Opel, Vauxhall, and Wuling. GM's largest national market isChina, followed by the United States, Brazil, the United Kingdom,Germany, Canada, and Italy. GM's OnStar subsidiary is theindustry leader in vehicle safety, security and informationservices.

General Motors Co. was formed to acquire the operations ofGeneral Motors Corp. through a sale under 11 U.S.C. Sec. 363following Old GM's bankruptcy filing. The U.S. government onceowned as much as 60.8% stake in New GM on account of thefinancing it provided to the bankrupt entity. The deal wasclosed July 10, 2009, and Old GM changed its name to MotorsLiquidation Co.

On Nov. 1, 2011, Moody's Investors Service raised New GM'sCorporate Family Rating and Probability of Default Rating to Ba1from Ba2, and its secured credit facility rating to Baa2 fromBaa3. Moody's also raised the Corporate Family Rating of GM'sfinancial services subsidiary -- GM Financial -- to Ba3 from B1.

On Oct. 7, 2011, Fitch Ratings upgraded the Issuer DefaultRatings of New GM, General Motors Holdings LLC, and GeneralMotors Financial Company Inc., to 'BB' from 'BB-'.

The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of UnsecuredCreditors Holding Asbestos-Related Claims. Lawyers at KramerLevin Naftalis & Frankel LLP served as bankruptcy counsel to theCreditors Committee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.

The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.

GENERAL MOTORS: Judge Clears 'Old GM' $23.8MM Environmental Deal----------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that a federal judgeapproved a $23.8 million settlement between the U.S. governmentand the company left behind in General Motors' bankruptcy thatprovides for the cleanup of hazardous waste at three Superfundsites in New Jersey, Maryland and Missouri.

About General Motors

With its global headquarters in Detroit, Michigan, General MotorsCompany (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908.GM employs 208,000 people in every major region of the world anddoes business in more than 120 countries. GM and its strategicpartners produce cars and trucks in 30 countries, and sell andservice these vehicles through the following brands: Baojun,Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,Opel, Vauxhall, and Wuling. GM's largest national market isChina, followed by the United States, Brazil, the United Kingdom,Germany, Canada, and Italy. GM's OnStar subsidiary is theindustry leader in vehicle safety, security and informationservices.

General Motors Co. was formed to acquire the operations ofGeneral Motors Corp. through a sale under 11 U.S.C. Sec. 363following Old GM's bankruptcy filing. The U.S. government onceowned as much as 60.8% stake in New GM on account of thefinancing it provided to the bankrupt entity. The deal wasclosed July 10, 2009, and Old GM changed its name to MotorsLiquidation Co.

On Nov. 1, 2011, Moody's Investors Service raised New GM'sCorporate Family Rating and Probability of Default Rating to Ba1from Ba2, and its secured credit facility rating to Baa2 fromBaa3. Moody's also raised the Corporate Family Rating of GM'sfinancial services subsidiary -- GM Financial -- to Ba3 from B1.

On Oct. 7, 2011, Fitch Ratings upgraded the Issuer DefaultRatings of New GM, General Motors Holdings LLC, and GeneralMotors Financial Company Inc., to 'BB' from 'BB-'.

The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of UnsecuredCreditors Holding Asbestos-Related Claims. Lawyers at KramerLevin Naftalis & Frankel LLP served as bankruptcy counsel to theCreditors Committee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.

The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.

GENERAL MOTORS: Opel Says Restructuring Talks to Continue---------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that General MotorsCo.'s European Adam Opel AG unit said it will continue talks withlabor unions to turn the struggling business around, but it didn'telaborate on any proposals or a possible time frame.

About General Motors

With its global headquarters in Detroit, Michigan, General MotorsCompany (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908.GM employs 208,000 people in every major region of the world anddoes business in more than 120 countries. GM and its strategicpartners produce cars and trucks in 30 countries, and sell andservice these vehicles through the following brands: Baojun,Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,Opel, Vauxhall, and Wuling. GM's largest national market isChina, followed by the United States, Brazil, the United Kingdom,Germany, Canada, and Italy. GM's OnStar subsidiary is theindustry leader in vehicle safety, security and informationservices.

General Motors Co. was formed to acquire the operations ofGeneral Motors Corp. through a sale under 11 U.S.C. Sec. 363following Old GM's bankruptcy filing. The U.S. government onceowned as much as 60.8% stake in New GM on account of thefinancing it provided to the bankrupt entity. The deal wasclosed July 10, 2009, and Old GM changed its name to MotorsLiquidation Co.

On Nov. 1, 2011, Moody's Investors Service raised New GM'sCorporate Family Rating and Probability of Default Rating to Ba1from Ba2, and its secured credit facility rating to Baa2 fromBaa3. Moody's also raised the Corporate Family Rating of GM'sfinancial services subsidiary -- GM Financial -- to Ba3 from B1.

On Oct. 7, 2011, Fitch Ratings upgraded the Issuer DefaultRatings of New GM, General Motors Holdings LLC, and GeneralMotors Financial Company Inc., to 'BB' from 'BB-'.

The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of UnsecuredCreditors Holding Asbestos-Related Claims. Lawyers at KramerLevin Naftalis & Frankel LLP served as bankruptcy counsel to theCreditors Committee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.

The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.

GENERAL MOTORS: Executive Gets Nearly $2MM in Restricted Shares---------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that General Motors Co.Chief Executive Dan Akerson received nearly $2 million inrestricted shares that will vest fully if he remains with thecompany until 2015, according to a regulatory filing.

About General Motors

With its global headquarters in Detroit, Michigan, General MotorsCompany (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908.GM employs 208,000 people in every major region of the world anddoes business in more than 120 countries. GM and its strategicpartners produce cars and trucks in 30 countries, and sell andservice these vehicles through the following brands: Baojun,Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,Opel, Vauxhall, and Wuling. GM's largest national market isChina, followed by the United States, Brazil, the United Kingdom,Germany, Canada, and Italy. GM's OnStar subsidiary is theindustry leader in vehicle safety, security and informationservices.

General Motors Co. was formed to acquire the operations ofGeneral Motors Corp. through a sale under 11 U.S.C. Sec. 363following Old GM's bankruptcy filing. The U.S. government onceowned as much as 60.8% stake in New GM on account of thefinancing it provided to the bankrupt entity. The deal wasclosed July 10, 2009, and Old GM changed its name to MotorsLiquidation Co.

On Nov. 1, 2011, Moody's Investors Service raised New GM'sCorporate Family Rating and Probability of Default Rating to Ba1from Ba2, and its secured credit facility rating to Baa2 fromBaa3. Moody's also raised the Corporate Family Rating of GM'sfinancial services subsidiary -- GM Financial -- to Ba3 from B1.

On Oct. 7, 2011, Fitch Ratings upgraded the Issuer DefaultRatings of New GM, General Motors Holdings LLC, and GeneralMotors Financial Company Inc., to 'BB' from 'BB-'.

The U.S. Trustee appointed an Official Committee of UnsecuredCreditors and a separate Official Committee of UnsecuredCreditors Holding Asbestos-Related Claims. Lawyers at KramerLevin Naftalis & Frankel LLP served as bankruptcy counsel to theCreditors Committee. Attorneys at Butzel Long served as counselon supplier contract matters. FTI Consulting Inc. served asfinancial advisors to the Creditors Committee. Elihu Inselbuch,Esq., at Caplin & Drysdale, Chartered, represented the AsbestosCommittee. Legal Analysis Systems, Inc., served as asbestosvaluation analyst.

The Bankruptcy Court entered an order confirming the Debtors'Second Amended Joint Chapter 11 Plan on March 29, 2011. The Planwas declared effect on March 31.

GREENSHIFT CORP: Swings to $7.9 Million Profit in 2011------------------------------------------------------Greenshift Corporation filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing net incomeattributable to common shareholders of $7.90 million on$20.04 million of total revenue in 2011, compared with a net lossattributable to common shareholders of $12.14 million on $7.73million of total revenue in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $7.19 millionin total assets, $51.33 million in total liabilities and a $44.14million total stockholders' deficit.

For 2011, Rosenberg Rich Baker Berman & Company, in Somerset, NJ,expressed substantial doubt about the Company's ability tocontinue as a going concern. The independent auditors noted thatthe Company has suffered losses from operations and has a workingcapital deficiency as of Dec. 31, 2011.

Headquartered in New York, GreenShift Corporation develops andcommercializes clean technologies designed to integrate into andleverage established production and distribution infrastructure toaddress the financial and environmental needs of its clients bydecreasing raw material needs, facilitating co-product reuse, andreducing waste and emissions.

In separate notices of appeal, the groups announced plans tochallenge U.S. Bankruptcy Judge Martin Glenn's order approving theSection 363 sale agreement, according to Law360.

About Grubb & Ellis

Grubb & Ellis Company -- http://www.grubb-ellis.com/-- is a commercial real estate services and property management companywith more than 3,000 employees conducting throughout the UnitedStates and the world. It is one of the oldest and most recognizedbrands in the industry.

Grubb & Ellis and 16 affiliates filed for Chapter 11 bankrutpcy(Bankr. S.D.N.Y. Lead Case No. 12-10685) on Feb. 21, 2012, to sellalmost all its assets to BGC Partners Inc. The Santa Ana,California-based company disclosed $150.16 million in assets and$167.2 million in liabilities as of Dec. 31, 2011.

Pursuant to the term sheet signed by the parties, BGC will buy theassets for $30.02 million, consisting of a credit bid the fullprincipal amount outstanding under the (i) $30 million creditagreement dated April 15, 2011, with BGC Note, (ii) the amountsdrawn under the $4.8 million facility, and (iii) the cure amountsdue to counterparties. BGC can terminate the contract if the saleorder has not been entered by the bankruptcy court in 25 daysafter the execution of the Asset Purchase Agreement.

GRUBB & ELLIS: Judge to Take BGC Sale Under Submission------------------------------------------------------Lisa Uhlman at Bankruptcy Law360 reports that Grubb & Ellis Co.'sproposed sale to stalking horse and sole bidder BGC Partners Inc.is in limbo after a judge declined Thursday to rule at the closeof a contentious sale hearing.

Law360 relates that following three hours of arguments andtestimony laying out the proposed sale and parties' objections,U.S. Bankruptcy Judge Martin Glenn told the packed Manhattancourtroom he'd take the matter under submission.

About Grubb & Ellis

Grubb & Ellis Company -- http://www.grubb-ellis.com/-- is a commercial real estate services and property management companywith more than 3,000 employees conducting throughout the UnitedStates and the world. It is one of the oldest and most recognizedbrands in the industry.

Grubb & Ellis and 16 affiliates filed for Chapter 11 bankrutpcy(Bankr. S.D.N.Y. Lead Case No. 12-10685) on Feb. 21, 2012, to sellalmost all its assets to BGC Partners Inc. The Santa Ana,California-based company disclosed $150.16 million in assets and$167.2 million in liabilities as of Dec. 31, 2011.

Pursuant to the term sheet signed by the parties, BGC will buy theassets for $30.02 million, consisting of a credit bid the fullprincipal amount outstanding under the (i) $30 million creditagreement dated April 15, 2011, with BGC Note, (ii) the amountsdrawn under the $4.8 million facility, and (iii) the cure amountsdue to counterparties. BGC can terminate the contract if the saleorder has not been entered by the bankruptcy court in 25 daysafter the execution of the Asset Purchase Agreement.

Dow Jones' DBR Small Cap has said in a separate report that thecourt-appointed receiver for fiscally troubled Harrisburg, Pa.,has resigned, sources said, adding more uncertainty to the statecapital's attempt to address crippling debt related to a failedincinerator.

About Harrisburg

The city of Harrisburg, in Pennsylvania, is coping with debtrelated to a failed revamp of an incinerator. The city is$65 million in default on $242 million owing on bonds sold tofinance an incinerator that converts trash to energy.

The Harrisburg city council voted 4-3 on Oct. 11, 2011, toauthorize the filing of a Chapter 9 municipal bankruptcy (Bankr.M.D. Pa. Case No. 11-06938). The city claims to be insolvent,unable to pay its debt and in imminent danger of havingtax revenue seized by holders of defaulted bonds.

Judge Mary D. France presided over the Chapter 9 case. Mark D.Schwartz, Esq. and David A. Gradwohl, Esq., served as Harrisburg'scounsel. The petition estimated $100 million to $500 million inassets and debts. Susan Wilson, the city's chairperson on Budgetand Finance, signed the petition.

Harrisburg said in court papers it is in imminent jeopardy throughsix pending legal actions by creditors with respect to a number ofoutstanding bond issues relating to the Harrisburg Materials,Energy, Recycling and Recovery Facilities, which processes wasteinto steam and electrical energy. The owner and operator of theincinerator is The Harrisburg Authority, which is unable to paythe bond issues. The city is the primary guarantor under eachbond issue. The lawsuits were filed by Dauphin County, whereHarrisburg is located, Joseph and Jacalyn Lahr, TD Bank N.A., andCovanta Harrisburg Inc.

The Commonwealth of Pennsylvania, the County of Dauphin, andHarrisburg city mayor Linda D. Thompson and other creditors andinterested parties objected to the Chapter 9 petition. The statelater adopted a new law allowing the governor to appoint areceiver.

In November 2011, the Bankruptcy Judge dismissed the Chapter 9case because (1) the City Council did not have the authority underthe Optional Third Class City Charter Law and the Third Class CityCode to commence a bankruptcy case on behalf of Harrisburg and (2)the City was not specifically authorized under state law to be adebtor under Chapter 9 as required by 11 U.S.C. Sec. 109(c)(2).

Dismissal of the Chapter 9 petition was upheld in a U.S. DistrictCourt.

That same month, the state governor appointed David Unkovic asreceiver for Harrisburg. Mr. Unkovic is represented by theMunicipal Recovery & Restructuring group of McKenna Long &Aldridge LLP, led by Keith Mason, Esq., co-chair of the group.

HARTFORD COMPUTER: Avnet Completes Acquisition of Assets--------------------------------------------------------Avnet, Inc. has completed its acquisition of substantially all ofthe operating assets of Hartford Computer Group, Inc. and itssubsidiary Nexicore Services LLC through a Section 363 saleprocess in the U.S. Bankruptcy Court in Chicago. Nexicore, whichgenerated revenue of approximately US$85 million in the 2011calendar year, was one of the leading providers of repair andinstallation services in North America for consumer electronicsand computers, operating in three complementary business lines,including depot repair, onsite repair and installation, and spareparts management. The acquisition is expected to be immediatelyaccretive to earnings and supports Avnet's return on capital goalsfor acquisitions.

This acquisition adds another significant building block in ourstrategy to offer a new aftermarket services business focused onrepair, refurbishment, recycling and responsible disposition ofelectronic products and equipment said Steve Church, President,Avnet Integrated Resources. Nexicore brings a broad range ofservices, most notably a technical call center, onsite and depotrepair of electronic devices and equipment and parts management,to complement our service offerings, Church added.

The assets acquired from Nexicore will be deployed in AvnetIntegrated Resources, which provides reverse logistics and after-market services to the global technology industry.

About Avnet, Inc.

Avnet, Inc. is a distributor of electronic components, computerproducts and embedded technology serving customers in more than 70countries worldwide.

Hartford Computer Hardware Inc. obtained Court permission to actas the foreign representative of the Debtors in Canada in order toseek recognition of the Chapter 11 case on the Debtors' behalf,and request the Ontario Superior Court of Justice (CommercialList) to lend assistance to the Bankruptcy Court in protecting theDebtors' property.

HARTFORD FINANCIAL: Moody's Rates Junior Sub. Debt 'Ba1(hyb)'-------------------------------------------------------------Moody's Investors Service has affirmed the debt ratings of TheHartford Financial Services Group, Inc. (NYSE: HIG, senior debtBaa3) following the company's announcement that it intends torepurchase $1.75 billion of junior subordinated debentures and alloutstanding warrants from Allianz SE for total consideration of$2.425 billion. The company intends to fund the debenturerepurchase through an issuance of senior notes and juniorsubordinated debt. In addition, it will fund the warrantsrepurchase through its existing stock repurchase program. Moody'shas assigned a Baa3 rating to the new senior notes and a Ba1(hyb)rating to the new junior subordinated debentures expected to beissued. The debentures will receive some equity credit fromMoody's in its financial leverage calculation based onsubordination, interest deferral, and maturity. The repurchase ofdebentures is contingent on a successful consent solicitation toterminate a related replacement capital covenant. The outlook forThe Hartford's debt ratings is stable.

Ratings Rationale

Commenting on The Hartford's action, Moody's analyst Paul Bauersaid, "We believe that the intended refinancing of The Hartford'sjunior subordinated debentures is credit neutral for the company.The transaction will have a moderately negative impact onfinancial leverage; however, this is offset by a modest positiveimpact on interest coverage given the expected lower cost of thenew capital."

Moody's said that the company's debt ratings are primarily basedon support from its P&C operating subsidiaries. Moody's does notconsider the organization's life insurance operating subsidiariesto be a supporter of the parent over the medium term due tocontinued potential for capital volatility at the life operationunder a stress scenario.

Recently, on March 21, The Hartford announced plans to shift itsstrategic focus to its P&C operations, group benefits, and mutualfund businesses, and to place its US annuity business into runoffand pursue sales of its individual life, retirement plans andbroker/dealer businesses. Although Moody's thinks the shifttowards the company's more profitable and better capitalized P&Coperations and the decision to shut down its highest-risk line ofbusiness, individual annuities, is a positive development, therating agency believes it will take a long time to materiallyreduce the group's total risk given the nature of its variableannuity contracts and the challenge of selling three businesses atattractive prices.

Factors that could result in an upgrade of The Hartford's debtratings include an upgrade of the financial strength ratings ofthe company's lead operating P&C or life companies, or sustainedconsolidated earnings coverage of interest above 6x. Conversely,factors that could result in a downgrade of the company's debtratings include a downgrade of the financial strength ratings ofthe company's lead operating P&C or life companies, financialleverage greater than 40%, or earnings coverage of interest below4x.

The Hartford is an insurance and financial services organizationthat offers a wide variety of property and casualty insurance,financial services, and life insurance products. The companyreported total revenue of $21.9 billion and net income of $662million for 2011. Shareholders' equity was $22.9 billion atDecember 31, 2011.

The methodologies used in this rating were Moody's Global RatingMethodology for Property and Casualty Insurers published in May2010, and Moody's Global Rating Methodology for Life Insurerspublished in May 2010.

"The agreement to repurchase its 10.0% notes issued in October2008 to Allianz SE does not change the rating or outlook onHartford Financial Services Group or any of its subsidiaries. Weconsider the redemption to be economic-based rather than afundamental change in management intent about the permanence ofits outstanding hybrid capital. We will continue to classifyHartford's $500 million 8.125% junior subordinated notes asintermediate hybrids and the $556 million mandatory convertiblepreferred shares as high-equity hybrids," S&P said.

"The refinancing provides Hartford with the near-term benefit oflower interest expense and significantly stronger coveragemetrics. The new capital structure will significantly improveexpected 2012 fixed charges to approximately 8x from 7x under theprior structure. Financial leverage increases about 100 basispoints (bps) to more than 30%, but is still well withinexpectations for the 'BBB' rating. Debt leverage, on the otherhand, increases significantly by more than 500 bps to nearly 25%of total capital, modestly diminishing our view of overallcapitalization. Our double leverage criteria states that there isa deduction to operating company capital for all debt in excess of20%. This results in a direct deduction to Hartford's consolidatedcapital position. In effect, we consider debt leverage of morethan 20% to be a call on the capital of the operating companiesthat exceeds our tolerances at the current rating level," S&Psaid.

"The ratings reflect the operating companies' strong competitivepositions, personal and commercial property and casualty (P/C)lines, and commercial P/C products and group life and disabilityinsurance. Distribution is very diverse, ranging from independentand career agents to affinity group affiliations. Operatingearnings are solid and capital is strong. These strengths areoffset by the volatility of life statutory capital, earningsstrained by difficult macroeconomic conditions, and exposure tolong-tailed casualty businesses that are more susceptible toadverse P/C reserve developments than are other lines of business.In addition, consolidated investment exposures to the financialsector and commercial mortgage-backed securities, althoughimproved, remain high relative to peers'," S&P said.

"After the refinance is complete, we expect Hartford to maintainapproximately $1.5 billion of holding company cash to cover fixedcharges on debt and hybrid instruments and offset the doubleleverage adjustment to capital. This cash expectation woulddecrease as the company reduces its debt leverage, but never toless than 18 months of interest expense. We also expectconsolidated capital adequacy to remain at the 'A' level, enhancedby organic statutory earnings," S&P said.

The review is prompted by Harvest's high proportion of oil in itsproduction stream, improving operating cash flow and leveragemetrics, and good liquidity. The review will include an assessmentof the company's unconventional non-producing bitumen reserves andrefining asset.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to one notch.

On Review for Possible Upgrade:

Issuer: Harvest Operations Corp.

Probability of Default Rating, Placed on Review for Possible Upgrade, currently Ba2

Corporate Family Rating, Placed on Review for Possible Upgrade, currently Ba2

The principal methodology used in rating Harvest Operations wasthe Global Independent Exploration and Production IndustryMethodology published in December 2011. Other methodologies usedinclude Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.

Harvest is a Calgary, Alberta-based oil and natural gas companyengaged in exploration and production activities throughoutAlberta, northeastern British Columbia and southern Saskatchewan.Harvest also owns a 115,000 barrels of oil equivalent per dayrefinery in Newfoundland.

Mobile, Ala.-based HASCO Medical, Inc. provides a diversifiedrange of home health care services and products. The businessincludes rental operations conducted under the trade nameWheelchair Vans of America, and Certified Auto located in CentralFlorida.

"The downgrades follow Hawker Beechcraft's announcement that ithad reached a forbearance agreement with 70% of the lenders in itssecured credit facility that defers any interest or other paymentsdue on its secured credit facility through June 29, 2012. Theagreement also waives certain violations of the minimum EBITDA orminimum liquidity covenants that occurred or may occur during thatperiod. The company also arranged for a $120 million term loan toprovide additional liquidity," S&P said.

"If Hawker Beechcraft does not make the interest payment due onits secured facility on March 30, 2012, as stated in the originalterms, we will lower the corporate credit rating to 'SD' and theissue rating on the credit facility to 'D'," said Standard &Poor's credit analyst Chris DeNicolo.

Although some lenders have agreed to defer interest paymentsthrough June 29, 2012, a failure to make timely payments per theterms of the credit agreement is a default under Standard & Poor'scriteria.

"The company has not released financial results for the year endedDec. 31, 2011, so we do not know its current liquidity position,but the apparent need for the additional term loan indicates thatcash generation has been worse than expected in the last sixmonths. The company has approximately $28 million of interestpayments on its public debt due on April 1, 2012," S&P said.

"The downgrades reflect our belief that Hawker Beechcraft did notmake the scheduled interest payment on its secured credit facilitywhen due on March 30, 2012," said Standard & Poor's credit analystChris DeNicolo.

"Although some of the lenders had opted to not receive thescheduled interest payment, Standard & Poor's criteria considersthis a default," S&P said.

"The company also had $28 million of interest payments due April1, 2012, on its unsecured and subordinated notes. 'If Hawkerdidn't make these payments, we will lower the corporate creditrating and related issue ratings to 'D'," Mr. DeNicolo said.

HERCULES OFFSHORE: Enters Into Purchase Agreement with Deutsche---------------------------------------------------------------Hercules Offshore, Inc., on March 27, 2012, entered into apurchase agreement with Deutsche Bank Securities Inc., CreditSuisse Securities (USA) LLC, Goldman, Sachs & Co. and UBSSecurities LLC, as representatives of the initial purchasers,relating to the sale by the Company of $300.0 million aggregateprincipal amount of the Company's 7.125% Senior Secured Notes due2017 and $200.0 million aggregate principal amount of theCompany's 10.250% Senior Notes due 2019.

The Secured Notes were sold at par. The Secured Notes will accrueinterest from April 3, 2012, at a rate of 7.125% per year, whichinterest will be payable semi-annually in arrears on April 1 andOctober 1 of each year, beginning Oct. 1, 2012. The Secured Noteswill mature on April 1, 2017. The Senior Notes were sold at par.The Senior Notes will accrue interest from April 3, 2012 at a rateof 10.250% per year, which interest will be payable semi-annuallyin arrears on April 1 and October 1 of each year, beginningOct. 1, 2012. The Senior Notes will mature on April 1, 2019.

Hercules Offshore Inc. (NASDAQ: HERO) --http://www.herculesoffshore.com/-- provides shallow-water drilling and marine services to the oil and natural gasexploration and production industry in the United States, Gulf ofMexico and internationally. The Company provides these servicesto integrated energy companies, independent oil and natural gasoperators and national oil companies. The Company operates in sixbusiness segments: Domestic Offshore, International Offshore,Inland, Domestic Liftboats, International Liftboats and DeltaTowing.

The Company reported a net loss of $76.12 million in 2011, anet loss of $134.59 million in 2010, and a net loss of $91.73million in 2009.

The Troubled Company Reported said on March 23, 2012, thatMoody's Investors Service upgraded Hercules Offshore, Inc.Corporate Family Rating (CFR) and Probability of Default Rating(PDR) to B3 from Caa1 contingent upon the completion of itsrecently announced recapitalization plan.

Hercules' B3 CFR reflects its jackup fleet, which consistsprimarily of standard specification rigs with an average age ofabout 30 years. Its rigs are geographically concentrated in theGulf of Mexico (GoM), a market that experienced a slow-down afterthe Macondo well incident. However, over the last year a pick-upin permitting and activity levels in the GoM, has led to higherdayrates. For Hercules, the improving market conditions havestabilized its cash flow from operations, which are expectedcontinue to improve for at least the next 18 to 24 months as oldcontracts roll into new contracts with higher dayrates. Theseimproving market conditions support the decision to upgradeHercules' CFR at this time.

As reported by the TCR on Jan. 23, 2012, Standard & Poor's RatingsServices revised its outlook on Houston-based Hercules OffshoreInc. to stable from negative and affirmed its 'B-' corporatecredit rating on the company. "The rating on the company's seniorsecured credit facility remains 'B-' (the same as the corporatecredit rating on the company) with a recovery rating of '3',indicating our expectation of a meaningful (50% to 70%) recoveryin the event of payment default," S&P said.

"Our ratings on Hercules reflect its participation in the highlyvolatile and competitive shallow-water drilling and marineservices segments of the oil and gas industry. The ratings alsoincorporate our expectation that day rates and utilization for thecompany's jack-up rigs in the U.S. Gulf of Mexico will remainrobust throughout 2012. Moreover, we expect the company's domesticoffshore operations will provide the majority of EBITDA generationin 2012, since its international offshore segment will performmore weakly compared with 2011 due to lower contract renewal dayrates reflecting current market conditions. The ratings alsoincorporate the company's geographic and product diversification(provided by the its liftboat segments) and adequate liquidity, aswell as the risks associated with the Securities and ExchangeCommission's investigation into possible violations of securitieslaw, including possible violations of the Foreign CorruptPractices Act. The company is also the subject of a review by theU.S. Department of Justice (DOJ)," S&P said.

"The upgrade reflects HGI's track record of mostly low double-digit organic growth that has resulted in steady EBITDA growth andfree cash flow generation," said Standard & Poor's credit analystMichael Berrian. The company has used part of the free cash flowto reduce debt and, coupled with EBITDA growth, leverage hasdeclined to just under 4.5x.

"The rating on HGI Holding Inc. reflects our belief that it willmaintain an 'aggressive' financial risk profile, because webelieve adjusted leverage will be sustained at about 4x, fundsfrom operations (FFO) to total debt will be least 12%, and EBITDAcoverage of interest will be at least 3x. It also reflects itsownership by sponsors Clayton Dubilier & Rice (CD&R) and GoldmanSachs Capital Partners (GSCP). Despite its position as one of thelarger players in medical products distribution, we characterizeHGI Holding Inc.'s business risk profile as 'weak' because itoperates in a highly fragmented industry with low barriers toentry," S&P said.

HILCORP ENERGY: Moody's Reviews 'Ba3' CFR/PDR for Upgrade---------------------------------------------------------Moody's Investors Service placed Hilcorp Energy I, L.P.'s Ba3Corporate Family Rating (CFR), Ba3 Probability of Default Rating(PDR) and B1 senior note ratings on review for upgrade. Hilcorp isone of a number of companies identified by Moody's as being wellpositioned to benefit from sustained high oil prices and stronginternal liquidity.

Ratings Rationale

Hilcorp is a private limited partnership engaged in theexploration, production, and development of oil and gas propertiesprimarily located in Louisiana, Alaska and Texas, and offshore inthe shallow waters of the Gulf of Mexico. In November 2011,Hilcorp sold Eagle Ford shale assets, netting approximately $1.8billion in pre-tax cash proceeds. These proceeds were used toreduce debt, and have added significant liquidity for the fundingof future acquisitions and ongoing capital spending. While it isunlikely that debt reduction of the magnitude funded by the EagleFord sale will be permanent given Hilcorp's growth aspirations, itis Moody's expectation that Hilcorp's use of leverage will be moremodest going forward than it has been at times in the past.

Hilcorp employs a strategy of acquiring older, mature, legacyproperties with a base level of production, creating value byinvesting in and exploiting their otherwise decliningproductivity. In doing so, Hilcorp has acquired a portfolio of oiland gas properties whose proved reserves at year-end 2011 totaled324 million boe, and whose net production averaged 67,800 boe perday. These fields tend to be large and prolific with extensiveproduction histories and predictable performance. While theoperational risk of reinvesting in these properties iscomparatively low, the economic risk would be higher was it notfor the high proportion of crude oil production realized, which in2011 averaged 48% of the total.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a one notchupgrade.

The principal methodology used in rating Hilcorp was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Hilcorp, a mid-sized E&P company, is headquartered in Houston,Texas.

IMH FINANCIAL: Incurs $35.2 Million Net Loss in 2011----------------------------------------------------IMH Financial Corporation filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing anet loss of $35.19 million on $3.73 million of total revenue in2011, a net loss of $117.04 million on $3.75 million of totalrevenue in 2010, and a net loss of $74.47 million on $22.52million of total revenue in 2009.

The Company's balance sheet at Dec. 31, 2011, showed$240.32 million in total assets, $75.07 million in totalliabilities, and $165.25 million in total stockholders' equity.

Scottsdale, Ariz.-based IMH Financial Corporation was formed fromthe conversion of IMH Secured Loan Fund, LLC, or the Fund, aDelaware limited liability company, on June 18, 2010. Theconversion was effected following a consent solicitation processpursuant to which approval was obtained from a majority of themembers of the Fund to effect the Conversion Transactions andinvolved (i) the conversion of the Fund from a Delaware limitedliability company into a Delaware corporation named IMH FinancialCorporation, and (ii) the acquisition by the Company of all of theoutstanding shares of the manager of the Fund Investors MortgageHoldings Inc., or the Manager, as well as all of the outstandingmembership interests of a related entity, IMH Holdings LLC, orHoldings on June 18, 2010.

The Company is a commercial real estate lender based in thesouthwest United States with over 12 years of experience in manyfacets of the real estate investment process, includingorigination, underwriting, documentation, servicing, construction,enforcement, development, marketing, and disposition. The Companyfocuses on a niche segment of the real estate market that itbelieves is underserved by community, regional and national banks:high yield, short-term, senior secured real estate mortgage loans.The intense level of underwriting analysis required in thissegment necessitates personnel and expertise that many communitybanks lack, yet the requisite localized market knowledge of theunderwriting process and the size of the loans the Company seeksoften precludes the regional and community banks from efficientlyentering this market.

"Given the current state of the real estate and credit markets, webelieve the realization of full recovery of the cost basis in ourassets is unlikely to occur in a reasonable time frame and may notoccur at all, and we may be required to liquidate portions of ourassets for liquidity purposes at a price significantly below theinitial cost basis or potentially below current carrying values.If we are not able to liquidate a sufficient portion of our assetsor access credit under the credit facility currently undernegotiation, there may be substantial doubt about our ability tocontinue as a going concern. Nevertheless, we believe that ourcash and cash equivalents, coupled with liquidity derived from thecredit facility currently under negotiation and the disposition ofcertain of the loans and real estate held for sale, will allow usto fund current operations over the next 12 months," the Companysaid in its Form 10-Q for the quarter ended Sept. 30, 2010.

As reported by the TCR on April 20, 2011, BDO USA, LLP, inPhoenix, Arizona, expressed substantial doubt about the Company'sability to continue as a going concern. The independent auditorsnoted that the Company has suffered recurring losses and is notcurrently generating sufficient cash flows to sustain operations

IMPERIAL CAPITAL: Court Approves Disclosure Statement-----------------------------------------------------Eric Hornbeck at Bankruptcy Law360 reports that a Californiabankruptcy court on Wednesday gave the green light to ImperialCapital Bancorp Inc.'s disclosure statement, even as the FederalDeposit Insurance Corp. is still fighting to make sure its claimsare first in line.

Law360 relates that the approval clears the way for an April 24hearing on the approval of the third reorganization plan putforward by Imperial and distressed debt investor HoldCo AdvisorsLP.

Tiffany L. Carroll, the U.S. Trustee for Region 15, appointedthree members to the official committee of unsecured creditors inthe Debtor's case. David P. Simonds, Esq., and Christina M.Padien, Esq., at Akin Gump Strauss Hauer & Feld LLP, in LosAngeles represents the Committee as counsel.

IMPERIAL PETROLEUM: Delays Form 10-Q for Jan. 31 Quarter--------------------------------------------------------Imperial Petroleum, Inc., is in the process of preparing andreviewing the financial and other information for its Form 10-Qreport for the quarterly period ended Jan. 31, 2012, and does notexpect the report will be finalized for filing by the prescribeddue date without unreasonable effort or expense. The Companyneeds additional time to complete its financial statements, notes,as well as to have the report reviewed by its accountants andattorneys. The Company undertakes the responsibility to file suchreport no later than five days following the prescribed due date.

About Imperial Petroleum

Headquartered in Evansville, Ind., Imperial Petroleum Inc.(OTC BB: IPMN) operates as a diversified energy and mineral miningcompany in the United States. Its oil and natural gas propertiesinclude the Coquille Bay field located in Plaqumines Parish,Louisiana; the Haynesville field located in Claiborne and WebsterParishes in north Louisiana; the Bastian Bay field located inPlaquemines parish, Louisiana; LulingField located in Guadalupecounty, Texas; and the Shrewsbury field in Grayson County and theClaymour field in Todd County, western Kentucky.

As reported by the TCR on June 24, 2011, the Company anticipatesits current working capital will not be sufficient to meet itsrequired capital expenditures and that the Company will berequired to either access additional borrowings from its lender oraccess outside capital. Currently the Company projects it willrequire non-discretionary capital expenditures of approximatelyUS$500,000 in the next fiscal year to re-establish and maintaineconomic levels of production at Coquille Bay. Without access tosuch capital for non-discretionary projects, the Company'sproduction may be significantly curtailed or shut in andjeopardize its leases.

Weaver Martin & Samyn, LLC, in Kansas City Missouri, expressedsubstantial doubt about the Company's ability to continue as agoing concern. The independent auditors noted that the Companyhas suffered recurring losses from operations and is dependentupon obtaining debt financing for funds to meet its cashrequirements.

The Company's balance sheet at Oct. 31, 2011, showed$20.64 million in total assets, $20.02 million in totalliabilities and $617,446 in total stockholders' equity.

INNER CITY: Entercom to Acquire San Francisco KBLX-FM-----------------------------------------------------Entercom Communications Corp. signed a definitive agreement toacquire 102.9 KBLX-FM from Inner City Media Corporation and itssubsidiaries for $25.0 million in cash. KBLX is the leading urbanstation in the San Francisco market.

KBLX will become the fourth brand in Entercom's San Franciscocluster, joining Entercom's existing lineup of the market's #1rated music station 96.5 KOIT-FM, sports talk station The Game95.7 KGMZ-FM and classic rock station 98.5/102.1 KUFX-FM.Entercom will begin operating KBLX under a time brokerageagreement ('TBA') which will take effect after approval by theU.S. Bankruptcy Court which is administeringICMC(EQNX::rightsinglequotation)s bankruptcy proceedings andoverseeing the sales process. Entercom expects the TBA to beapproved in late April and plans to maintain thestation(EQNX::rightsinglequotation)s urban programming format. Theclosing of the transaction is subject to certain customary closingconditions, including approval of the Federal CommunicationsCommission which is expected later this year.

Entercom's President and CEO David Field stated: 'We could not bemore pleased to add KBLX-FM to our San Francisco radio line-up.KBLX is the leading urban radio station in the San Franciscomarket and has a long history of producing distinctive andcompelling programming. The addition of KBLX strengthens ourcompetitive positioning in San Francisco and enhances our abilityto provide outstanding content to our listeners and broad audiencereach and effective marketing opportunities to our advertisers.'

Entercom San Francisco Vice President and Market Manager DwightWalker commented: 'KBLX has done a magnificent job of serving thelocal community and we look forward to continuing to do that atEntercom.'

Bankruptcy Loan Approved

Dow Jones' DBR Small Cap reports that a bankruptcy judge hascleared urban radio station operator Inner City Media Corp. to tapa $3 million loan to fund its move to a new headquarters and itsstay in Chapter 11 while it awaits regulatory approval of its saleto its senior lenders.

About Entercom Communications

Entercom Communications Corp is one of the five largest radiobroadcasting companies in the United States, with a nationwideportfolio of 110 stations in 23 markets, including San Francisco,Boston, Seattle, Denver, Portland, Sacramento and Kansas City.

Known for developing unique and highly successful, locally-programmed stations, Entercom is home to some of radio's mostdistinguished brands and compelling personalities. The company isalso the radio broadcast partner of the Boston Red Sox, BostonCeltics, Buffalo Bills, Buffalo Sabres, Kansas City Royals,Memphis Grizzlies, New Orleans Saints, Oakland Athletics and SanJose Sharks.

About Inner City

On Aug. 23, 2011, affiliates of Yucaipa and CF ICBC LLC, FortressCredit Funding I L.P., and Drawbridge Special Opportunities FundLtd., signed involuntary Chapter 11 petitions for Inner City MediaCorp. and its affiliates (Bankr. S.D.N.Y. Case Nos. 11-13967 to11-13979) to collect on a $254 million debt.

The Petitioning Creditors are party to the senior secured creditFacility pursuant to which they (or their predecessors ininterest) extended $197 million in loans to the Alleged Debtors tobe used for general corporate purposes. More than two years ago,the Alleged Debtors defaulted under the Senior Secured CreditFacility, and in any event the entire amount of principal andaccrued and unpaid interest and fees became immediately due andpayable on Feb. 13, 2010.

Judge Shelley C. Chapman granted each of Inner City and its debtoraffiliates relief under Chapter 11 of the United States Code. Thedecision came after considering the involuntary petitions, and theDebtors' answer to involuntary petitions and consent to entry oforder for relief and reservation of rights.

The United States Trustee said that an official committee under 11U.S.C. Sec. 1102 has not been appointed in the bankruptcy case ofInner City Media because an insufficient number of persons holdingunsecured claims against the Debtor has expressed interest inserving on a committee.

Grant Thornton LLP, in Boston, Massachusetts, expressedsubstantial doubt about Interleukin Genetics' ability to continueas a going concern. The independent auditors noted that theCompany incurred a net loss of $5.02 million during the year endedDec. 31, 2011, and, as of that date, the Company's currentliabilities exceeded its current assets by $12.27 million and itstotal liabilities exceeded total assets by $11.4 million.

The Company reported a net loss of $5.0 million on $2.9 million ofrevenue for 2011, compared with a net loss of $6.0 million on$2.0 million of revenue for 2010.

The Company's balance sheet at Dec. 31, 2011, showed $3.0 millionin total assets, $14.4 million in total liabilities, and astockholders' deficit of $11.4 million.

INTERNATIONAL TEXTILE: Incurs $69.4 Million Net Loss in 2011------------------------------------------------------------International Textile Group, Inc., filed with the U.S. Securitiesand Exchange Commission its annual report on Form 10-K disclosinga net loss of $69.43 million on $694.37 million of net sales in2011, compared with a net loss of $46.30 million on $616.13million of net sales in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $436.10million in total assets, $611.62 million in total liabilities anda $175.52 million total stockholders' deficit.

International Textile Group, Inc., is a global, diversifiedtextile manufacturer headquartered in Greensboro, North Carolina,with current operations principally in the United States, China,Mexico, and Vietnam. ITG's long-term focus includes therealization of the benefits of its global expansion, includingreaching full production at ITG facilities in China and Vietnam,and continuing to seek other strategic growth opportunities.

JEFFERSON COUNTY: Bond Insurer Appeals for Case to Be Tossed------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that a bond insurerthat could be forced to make up the multimillion-dollar shortfallson Jefferson County's monthly sewer-debt payments wants a higherjudicial power to throw out the Alabama county's bankruptcy case.

About Jefferson County

Jefferson County has its seat in Birmingham, Alabama. It has apopulation of 660,000.

Jefferson County filed a bankruptcy petition under Chapter 9(Bankr. N.D. Ala. Case No. 11-05736) on Nov. 9, 2011, after anagreement among elected officials and investors to refinance$3.1 billion in sewer bonds fell apart.

John S. Young Jr. LLC was appointed as receiver by Alabama CircuitCourt Judge Albert Johnson in September 2010.

Jefferson County's bankruptcy represents the largest municipaldebt adjustment of all time. The county said that long-term debtis $4.23 billion, including about $3.1 billion in defaulted sewerbonds where the debt holders can look only to the sewer system forpayment.

The county said it would use the bankruptcy court to put a valueon the sewer system, in the process fixing the amount bondholdersshould be paid through Chapter 9.

The bankruptcy judge in January 2012 ruled that the state court-appointed receiver for the sewer system largely lost control as aresult of the bankruptcy. Before deciding whether Jefferson Countyis eligible for Chapter 9, the bankruptcy judge will allow theAlabama Supreme Court to decide whether sewer warrants are theequivalent of "funding or refunding bonds" required under statelaw before a municipality can be in bankruptcy.

U.S. District Judge Thomas B. Bennett ruled in March 2012 thatJefferson County is eligible under state law to pursue a debtrestructuring under Chapter 9. Holders of more than $3 billion indefaulted sewer debt had challenged the county's right to be inChapter 9.

JEFFERSON COUNTY: To Default on April 1 Bond Payment----------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that officials inJefferson County, Ala., which last year filed for the largestmunicipal bankruptcy in U.S. history, said they plan to default onan April 1 general obligation bond payment.

About Jefferson County

Jefferson County has its seat in Birmingham, Alabama. It has apopulation of 660,000.

Jefferson County filed a bankruptcy petition under Chapter 9(Bankr. N.D. Ala. Case No. 11-05736) on Nov. 9, 2011, after anagreement among elected officials and investors to refinance$3.1 billion in sewer bonds fell apart.

John S. Young Jr. LLC was appointed as receiver by Alabama CircuitCourt Judge Albert Johnson in September 2010.

Jefferson County's bankruptcy represents the largest municipaldebt adjustment of all time. The county said that long-term debtis $4.23 billion, including about $3.1 billion in defaulted sewerbonds where the debt holders can look only to the sewer system forpayment.

The county said it would use the bankruptcy court to put a valueon the sewer system, in the process fixing the amount bondholdersshould be paid through Chapter 9.

The bankruptcy judge in January 2012 ruled that the state court-appointed receiver for the sewer system largely lost control as aresult of the bankruptcy. Before deciding whether Jefferson Countyis eligible for Chapter 9, the bankruptcy judge will allow theAlabama Supreme Court to decide whether sewer warrants are theequivalent of "funding or refunding bonds" required under statelaw before a municipality can be in bankruptcy.

U.S. District Judge Thomas B. Bennett ruled in March 2012 thatJefferson County is eligible under state law to pursue a debtrestructuring under Chapter 9. Holders of more than $3 billion indefaulted sewer debt had challenged the county's right to be inChapter 9.

JEFFERSON COUNTY: To Skip General Obligation Bond Payments----------------------------------------------------------American Bankruptcy Institute reports that Commissioners fromAlabama's bankrupt Jefferson County agreed to skip a $15 milliongeneral obligation bond payment due in April and said that thecounty will not resume the payouts while it is in bankruptcy.

About Jefferson County

Jefferson County has its seat in Birmingham, Alabama. It has apopulation of 660,000.

Jefferson County filed a bankruptcy petition under Chapter 9(Bankr. N.D. Ala. Case No. 11-05736) on Nov. 9, 2011, after anagreement among elected officials and investors to refinance$3.1 billion in sewer bonds fell apart.

John S. Young Jr. LLC was appointed as receiver by Alabama CircuitCourt Judge Albert Johnson in September 2010.

Jefferson County's bankruptcy represents the largest municipaldebt adjustment of all time. The county said that long-term debtis $4.23 billion, including about $3.1 billion in defaulted sewerbonds where the debt holders can look only to the sewer system forpayment.

The county said it would use the bankruptcy court to put a valueon the sewer system, in the process fixing the amount bondholdersshould be paid through Chapter 9.

The bankruptcy judge in January 2012 ruled that the state court-appointed receiver for the sewer system largely lost control as aresult of the bankruptcy. Before deciding whether Jefferson Countyis eligible for Chapter 9, the bankruptcy judge will allow theAlabama Supreme Court to decide whether sewer warrants are theequivalent of "funding or refunding bonds" required under statelaw before a municipality can be in bankruptcy.

U.S. District Judge Thomas B. Bennett ruled in March 2012 thatJefferson County is eligible under state law to pursue a debtrestructuring under Chapter 9. Holders of more than $3 billion indefaulted sewer debt had challenged the county's right to be inChapter 9.

JEFFERSON COUNTY: Moody's Downgrades Rating on GO Debt to 'Caa3'----------------------------------------------------------------Moody's Investors Service has downgraded to Caa3 from Caa1 therating on Jefferson County's (AL) $200.5 million in outstandinggeneral obligation (GO) debt and to Ca from Caa2 the rating on$83.6 million in outstanding lease revenue warrants issued throughthe Jefferson County Public Building Authority; both ratingsremain on under review for downgrade.

Ratings Rationale

Moody's downgrade of the general obligation rating reflects theexpected default on the county's fixed rate GO warrant debtservice payment due April 1. Although the county's bankruptcyfiling already created an automatic stay affecting GO bondholders,the county filed a resolution dated March 28, 2012 that directsofficials to skip the April 1 principal and interest payment onoutstanding Series 2001B, 2003A and 2004A GO warrants,constituting an event of default under the trust Indenture. Thecounty has been in default on its variable rate demand GO bankwarrants (Series 2001B) held by liquidity providers since 2008;however, this is the first default on county fixed rate GOwarrants. The GO rating remains under review for downgrade.

The resolution indicated that the county decided to skip theupcoming debt service payment in order to preserve an alreadynarrow cash position, indicating that notwithstanding theautomatic stay related to the bankruptcy filing, the county lackssufficient funds to pay GO bondholders. The resolution indicatesthe county's cash position would be further stressed if they madethe $15 million payment on April 1, the first GO debt service duesince the county filed its petition for Chapter 9 bankruptcyprotection in November 2011.

Due to the state supreme court's overturning of the county'soccupational and business license tax in March 2011, the countyhas struggled to raise revenues sufficient to pay for essentialcounty services. Press accounts state that management believes ifthe April 1 general obligation debt service payment was made, thecounty general fund would end fiscal 2012 with a very narrow $7.0million cash position, forcing sizeable cuts to essentialservices. It is unclear at this time whether or not the statelegislature will authorize the county to levy a sustainable long-term revenue source sufficient to pay GO debt service payments andfund essential county services. Given the continued lack ofresolution of the county's fiscal crisis, the risk of GO defaultis higher now than before the resolution was adopted. For thisreason, Moody's has downgraded the GO rating to Caa3. The Caa3rating indicates an expected recovery on defaulted bonds in therange of 65% to 80%.

The Ca rating on the lease revenue bonds reflects the nature ofthe security, which is subject to annual budget and appropriationof the county and therefore is weaker than the GO rating.Additionally, according to press sources, the county's April 1lease revenue debt service payment of $6.38 million is expected tobe paid from the bond reserve fund. The Ca rating indicates anexpected recovery on defaulted bonds in the range of 35% to 65%.

On March, 4, 2012, the Federal Bankruptcy Court approved JeffersonCounty's petition for federal bankruptcy protection under Chapter9 of the US Bankruptcy Code. Authorization of the petition allowsthe county to continue its efforts to develop a plan torestructure over $4.23 billion in debt. Moody's will continue tomonitor the county's progress in developing its bankruptcy plan,including any progress made with the state legislature to providea long-term revenue source that is sufficient to fund essentialcounty services and pay GO debt service going forward.

Moody's continues to review the following ratings on JeffersonCounty (AL) for possible downgrade: the Caa3 rating on $3.14billion in sewer revenue debt; the B3 rating on $814.08 million inlimited obligation school bonds; and the B3 rating on $32.92million in special tax bonds issued by the Birmingham-JeffersonCivic Center Authority and secured by various county-wide excisetaxes and other county revenues.

WHAT COULD MAKE THE RATINGS GO UP

- Higher than expected recovery rate on defaulted bonds

WHAT COULD MAKE THE RATINGS GO DOWN

- Lower than expected recovery rate on defaulted bonds

The principal methodology used in this rating was GeneralObligation Bonds Issued by U.S. Local Governments published inOctober 2009.

JOHN HANCOCK: Deutsche Bank, NorthStar Near Deal on Tower---------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that a partnership ofDeutsche Bank AG and NorthStar Realty Finance Corp. is emerging asthe victor in the battle to control the John Hancock Center,outmaneuvering Goldman Sachs Group Inc., Blackstone Group LP andother investors vying for the well-known Chicago skyscraper.

"The CreditWatch placement reflects our expectation that thepersistent outage of sole contract manufacturer Ben Venue Labs(BVL), and uncertain timeline for restarting, will furtherconstrain inventories of key products," said Standard & Poor'scredit analyst Michael Berrian. "The continuing supply shortagesare pressuring revenues and EBITDA and we believe that this willresult in escalated leverage in the near term, likely to more than5x. If manufacturing does not resume in the second quarter, eitherat BVL or at Jubilant Hollister Stier (a new manufacturer forDEFINITY), there is potential for further, near-term deteriorationand possibly an additional covenant breach in the Septemberquarter," S&P said.

"We believe a stockout of DEFINITY (18% of sales for the ninemonths ended Sept. 30, 2011) in the second quarter of 2012 is aclear possibility. Moreover, continued lower supplies ofCardiolite (21% of sales for the nine months ended Sept. 30, 2011)increases the likelihood that Covidien, which launched a genericversion of Cardiolite in 2008, could take additional share ifLantheus cannot supply product to its customers It could alsoexacerbate the slower-than-expected rebound in the use ofTechnelite by physicians following the supply constraintsexperienced in 2009-2010," S&P said.

"The recent covenant amendment, together with revolveravailability, and cash on hand (including the $30 millionsettlement from BVL) support our belief that Lantheus has adequateliquidity for the near term. However, if the outage extends beyondthe second quarter of 2012, a greater than expected decline inEBITDA could force the company to re-amend its covenants," S&Psaid.

"The ratings on Lantheus reflect a 'weak' business risk profilecharacterized by contract manufacturer concentration, supplyshortages of key products, a narrow business focus, productconcentration, and minimal near-term patent exposure. We viewLantheus' financial risk profile as 'highly leveraged' because webelieve that the extended outage and supply issues will continueto pressure revenue and EBITDA over the second quarter and resultin higher leverage," S&P said.

"We will resolve the CreditWatch once there is clarity on thestart-up and resupply of depleted inventories. If manufacturing isstarted up before the conclusion of the second quarter, downgraderisk is likely contained as revenue and EBITDA should be onlymodestly affected. If Lantheus continues to suffer from lack ofproduct at the end of the June quarter, we could conclude that thebusiness had been severely impaired, in addition to our leverageand liquidity concerns. At that time, we would likely revise ourassessment of liquidity to 'less than adequate' if the covenantcushion under the amended covenants declines to 10% or less, andlower the rating at least one notch," S&P said.

Lee Enterprises, Incorporated, headquartered in Davenport, Iowa,publishes the St. Louis Post Dispatch and the Arizona Daily Staralong with more than 40 other daily newspapers and about 300weekly newspapers and specialty publications in 23 states.Revenue for the 12 months ended December 2010 was $780 million.The Company has 6,200 employees, with 4,650 working full-time.

Lee Enterprises and certain of its affiliates filed for Chapter 11(Bankr. D. Del. Lead Case No. 11-13918) on Dec. 12, 2011, with aprepackaged plan of reorganization. The Debtor selected SidleyAustin LLP as its general reorganization and bankruptcy counsel,and Young Conaway Stargatt & Taylor LLP as co-counsel; TheBlackstone Group as Financial and Asset Management Consultant; andThe Debtor disclosed total assets of $1.15 billion and totalliabilities of $1.25 billion at Sept. 25, 2011.

Deutsche Bank Trust Company Americas, as DIP Agent and PrepetitionAgent, is represented in the Debtors' cases by Sandeep "Sandy"Qusba, Esq., and Terry Sanders, Esq., at Simpson Thacher &Bartlett LLP.

Certain Holders of Prepetition Credit Agreement Claims, GoldmanSachs Lending Partners LLC, Mutual Quest Fund, Monarch MasterFunding Ltd, Mudrick Distressed Opportunity Fund Global, LP andBlackwell Partners, LLC have committed to acquire up to a maximumamount of $166.25 million of loans under a New Second Lien TermLoan Facility pursuant to the Reorganization Plan. Thiscommitment also includes the potential payment of up to $10million as backstop cash to Reorganized Lee Enterprises to acquirethe loans. The Initial Backstop Lenders are represented byMatthew S. Barr, Esq., and Brian Kinney, Esq., at Milbank, Tweed,Hadley & McCloy LLP.

On Jan. 23, 2012, Lee Enterprises, et al., won confirmation of asecond version of their prepackaged Chapter 11 plan ofreorganization.

LIFECARE HOLDINGS: Incurs $34.8 Million Net Loss in 2011--------------------------------------------------------LifeCare Holdings, Inc., filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing anet loss of $34.83 million on $415.41 million of net patientservice revenue in 2011, compared with net income of $2.63 millionon $358.25 million of net patient service revenue in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $512.48million in total assets, $558.80 million in total liabilities anda $46.31 million total stockholders' deficit.

Plano, Tex.-based LifeCare Holdings, Inc. --http://www.lifecare-hospitals.com/-- operates 19 hospitals located in nine states, consisting of eight "hospital within ahospital" facilities (27% of beds) and 11 freestanding facilities(73% of beds). Through these 19 long-term acute care hospitals,the Company operates a total of 1,057 licensed beds and employapproximately 3,200 people, the majority of whom are registered orlicensed nurses and respiratory therapists. Additionally, theCompany holds a 50% investment in a joint venture for a 51-bedLTAC hospital located in Muskegon, Michigan.

In November 2010, Standard & Poor's Ratings lowered its corporatecredit rating on LifeCare Holdings to 'CCC-' from 'CCC+'. "Thedowngrade reflects the imminent difficulty the company mayhave in meeting its bank covenant requirements and the risk of itsuccessfully refinancing significant debt maturing in 2011 and2012," said Standard & Poor's credit analyst David Peknay. Thelikelihood of a debt covenant violation is heightened by thecompany's lack of appreciable operating improvement coupled with alarge upcoming tightening of is debt covenant in the first quarterof 2011. Additional equity by the company's financial sponsor maybe necessary to avoid a covenant violation. Accordingly, S&Pbelieves the chances of bankruptcy have increased.

As reported by the TCR on May 26, 2011, Standard & Poor's RatingServices affirmed its 'CCC-' corporate credit rating and itssenior subordinated debt rating on Plano, Texas-based LifeCareHoldings Inc. "The low-speculative-grade rating on LifeCarereflects its narrow focus in a competitive business heavilyreliant on uncertain Medicare reimbursement," said Standard &Poor's credit analyst David Peknay, "and its highly leveragedfinancial risk profile highlighted by very weak cash flowprotection measures, slim liquidity, and very high debt level."

LIQUIDMETAL TECHNOLOGIES: Posts $6.1 Million Net Income in 2011---------------------------------------------------------------Liquidmetal Technologies, Inc., filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing netincome of $6.15 million on $972,000 of total revenue in 2011,compared with a net loss of $17.64 million on $20.56 million oftotal revenue in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $1.99 millionin total assets, $4.21 million in total liabilities, and a$2.22 million in total shareholders' deficit.

Choi, Kim & Park, LLP, in Los Angeles, California, noted that theCompany's significant operating losses and working capital deficitraise substantial doubt about its ability to continue as a goingconcern.

Based in Rancho Santa Margarita, Calif., Liquidmetal Technologies,Inc. and its subsidiaries are in the business of developing,manufacturing, and marketing products made from amorphous alloys.Liquidmetal Technologies markets and sells Liquidmetal(R) alloyindustrial coatings and also manufactures, markets and sellsproducts and components from bulk Liquidmetal alloys that can beincorporated into the finished goods of its customers across avariety of industries. The Company also partners with third-party licensees and distributors to develop and commercializeLiquidmetal alloy products.

The Company classifies operations into two reportable segments:Liquidmetal alloy industrial coatings and bulk Liquidmetal alloys.

LOS ANGELES DODGERS: Look to Nix $131MM Claim from Owner's Divorce------------------------------------------------------------------Lance Duroni at Bankruptcy Law360 reports that the Los AngelesDodgers LLC asked a Delaware bankruptcy judge to toss a $131million claim against the team from owner Frank McCourt's ex-wife,saying the team never agreed to guarantee the owner's divorcesettlement.

After a messy divorce battle that contributed to the Dodgers'financial woes, Frank McCourt agreed in October to pay$131 million to his ex-wife, Jamie McCourt, who then filed aclaim in the bankruptcy for that amount.

Collecting the $131 million he was promised in a divorcesettlement with exiting Los Angeles Dodgers owner Frank McCourt isJamie McCourt's problem, it isn't the ball team's, lawyers for theDodgers contend, according to Dow Jones' Daily Bankruptcy Review.

Los Angeles Dodgers LLC filed for bankruptcy protection (Bankr.D. Del. Lead Case No. 11-12010) on June 27, 2011, after MLBCommissioner Bud Selig rejected a television deal with NewsCorp.'s Fox Sports, leaving Mr. McCourt unable to make payroll forJune 30 and July 1. Fox Sports has exclusive cable televisionrights for Dodgers games until the end of 2013 baseball season.

Chapter 11 filings were also made for LA Real Estate LLC, anaffiliated entity which owns Dodger Stadium, and three otherrelated holding companies.

The petition estimates assets of up to $500 million and debts ofup to $1 billion. In its schedules, the LA Dodgers baseball clubdisclosed $77,963,734 in assets and $4,695,702 in liabilities. LAReal Estate LLC disclosed $161,761,883 in assets and $0 inliabilities.

According to Forbes, the team is worth about $800 million, makingit the third most valuable baseball team after the New YorkYankees and the Boston Red Sox.

An official committee of unsecured creditors has been appointed inthe case. The panel has tapped Lazard Freres & Co. as financialadviser and investment banker, and Morrison & Foerster LLP andPinckney, Harris & Weidinger, LLC as counsel.

The LA Dodgers is the 12th sports team in North America to havesought bankruptcy protection.

The reorganization is being financed with a $150 million unsecuredloan from the Commissioner of Major League Baseball. The loangives the Commissioner few of the controls lenders often demandedfrom bankrupt companies.

LYONDELL CHEMICAL: BNY Seeks to Duck Suit Over $1BB Losses----------------------------------------------------------Eric Hornbeck at Bankruptcy Law360 reports that the Bank ofNew York Mellon Corp. on Thursday appealed a New York statejudge's ruling that only partially tossed a suit alleging it costhedge funds $1 billion with its work on Basell AF SCA's buyout ofLyondell Chemical Co., which bankrupted the combined company.

Law360 relates that a group of hedge funds allege that they lost$1 billion when BNY Mellon, the indenture trustee on Basell bonds,gave the green light to Lyondell's buyout, which allegedlybankrupted the company.

About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,petrochemicals and fuels companies. Luxembourg-based Basell AFand Lyondell Chemical Company merged operations in 2007 to formLyondellBasell Industries, the world's third largest independentchemical company. LyondellBasell became saddled with debt aspart of the US$12.7 billion merger. Len Blavatnik's AccessIndustries owned the Company prior to its bankruptcy filing.

LyondellBasell emerged from Chapter 11 bankruptcy protection inMay 2010, with a plan that provides the Company with US$3 billionof opening liquidity. A new parent company, LyondellBasellIndustries N.V., incorporated in the Netherlands, is thesuccessor of the former parent company, LyondellBasell IndustriesAF S.C.A., a Luxembourg company that is no longer part ofLyondellBasell. LyondellBasell Industries N.V. owns and operatessubstantially the same businesses as the previous parent company,including subsidiaries that were not involved in the bankruptcycases. LyondellBasell's corporate seat is Rotterdam,Netherlands, with administrative offices in Houston andRotterdam.

MARKETING WORLDWIDE: Angus Gillis Discloses 13.9% Equity Stake--------------------------------------------------------------In an amended Schedule 13G filed with the U.S. Securities andExchange Commission, Angus Allan Gillis and Josephine MariaMacPherson disclosed that, as of March 28, 2012, they beneficiallyown 24,200,000 shares of common stock of Marketing WorldwideCorporation representing 13.98% of the shares outstanding. Aspreviously reported by the TCR on March 13, 2012, Mr. Gillisreported beneficial ownership of 17,100,000 common shares or 9.88%equity stake. A copy of the amended filing is available for freeat http://is.gd/A1jE4f

About Marketing Worldwide

Based in Howell, Michigan, Marketing Worldwide Corporationoperates through the holding company structure and conducts itsbusiness operations through its wholly owned subsidiariesColortek, Inc., and Marketing Worldwide, LLC.

Marketing Worldwide, LLC, is a complete design, manufacturer andfulfillment business providing accessories for the customizationof vehicles and delivers its products to large global automobilemanufacturers and certain Vehicle Processing Centers primarily inNorth America. MWW operates in a 23,000 square foot leasedbuilding in Howell Michigan.

Colortek, Inc., is a Class A Original Equipment painting facilityand operates in a 46,000 square foot owned building in Baroda,which is in South Western Michigan. MWW invested approximately$2 million into this paint facility and expects the majority ofits future growth to come from this business.

The Company's balance sheet at Dec. 31, 2011, showed $1.50 millionin total assets, $7.90 million in total liabilities, $3.50 millionin Series A convertible preferred stock, and a $9.90 million totalstockholders' deficiency.

The Company reported a net loss of $2.27 million for the yearended Sept. 30, 2011, compared with a net loss of $2.34 millionduring the prior year.

RBSM LLP, in New York, expressed substantial doubt about theCompany's ability to continue as a going concern following theCompany's 2011 financing results. The independent auditors notedthat the Company has generated negative cash flows from operatingactivities, experienced recurring net operating losses, is indefault of loan certain covenants, and is dependent on securingadditional equity and debt financing to support its businessefforts.

The review is prompted by MEG's 100% concentration in oil,improving operating cash flow and leverage metrics, advancement ofPhase 2B, very good liquidity and ownership of high qualitybitumen reserves and resources.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to one notch.

On Review for Possible Upgrade:

Issuer: MEG Energy Corp.

Probability of Default Rating, Placed on Review for Possible Upgrade, currently B1

Corporate Family Rating, Placed on Review for Possible Upgrade, currently B1

The principal methodology used in rating MEG Energy was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

"To date, a large amount of demand for solar panels came fromEurope, with countries such as Germany and Italy providing verygenerous feed-in tariffs. With countries dramatically reducingthese incentives, demand for panels in the region has droppedprecipitously. Worldwide supply remains slow to react, resultingin substantial oversupply. Demand has been slow to respond tothese dramatic price declines, which is pressuring panelmanufacturers and their suppliers. We expect that worldwide solardemand in 2012 will be essentially flat year over year," S&P said.

The U.S. Dept. of Energy's Loan Guarantee Program ended in 2011.It was instrumental in the financing of renewable energy projects,including solar power.

"With this program gone, the financing environment for renewableprojects may be increasingly difficult," said Standard & Poor'scredit analyst Theodore Dewitt.

Also, the high profile bankruptcies of Solyndra LLC and EvergreenSolar LLC may result in a political climate in the U.S. thatcreates more hurdles for solar.

"The negative CreditWatch indicates that there is a highpossibility that we could lower the ratings in the near term.Throughout the process of the CreditWatch listing we have beenmeeting with company management and reassessing the financialoutlook for the company in light of the changes to the company'scost structure, business unit realignment, and industry trends.We expect to resolve this CreditWatch by the end of April," S&Psaid.

"The company posted good results for the fiscal 2011 fourthquarter and full year, with the company's operating lease-adjustedtotal debt to EBITDA declining to 6.2x from 6.3x in the priorquarter and from 7.1x in the prior year. We forecast operatinglease-adjusted debt to EBITDA will improve to the mid-5x areaduring fiscal 2012 from a combination of profit growth and debtreduction. We will review the rating in the near term to addressits positive operating trends and financial results," S&P said.

"The combination of the above factors may result in the upgrade ofthe ratings by one or more notches, depending upon the final termsof the IPO and use of the proceeds," S&P said.

"We expect to resolve the CreditWatch listing after furtherdetails of the IPO become available or after the IPO is completed,which largely depends on the nature of the details we receiveprior to the IPO completion. Before resolving the CreditWatch, wewill assess the pro forma capital structure following the IPO andaccount for potential changes to the company's financial policies,business strategies, and board composition, if any, following thechange in the equity ownership structure," S&P said.

MIDWEST GAMING: S&P Hikes Corp. Credit Rating to 'B+'; Outlook Pos------------------------------------------------------------------U.S. gaming operator Midwest Gaming Borrower's Rivers Casino hascontinued to perform very well since its opening in July 2011,which has resulted in substantial cash flow generation and solidcredit measures. Standard & Poor's Ratings Services is raisingits corporate credit rating on the company to 'B+' from 'B' andremoving all ratings from CreditWatch with positive implications.The agency is also raising its issue-level rating on the company'sfirst-lien senior secured credit facilities to 'BB' from 'BB-' asa result of the upgrade of the company. In addition, S&P isrevising its recovery rating on the company's $175 million secondlien senior secured notes to '1' from '4' and raising its issue-level rating on the notes to 'BB' from 'B'.

MILACRON INC: Avenue Capital Inks Sale Deal With CCMP Capital-------------------------------------------------------------Bill Bregar at Plastic News reports that Avenue Capital Group willsell the Cincinnati-based Milacron LLC to CCMP Capital AdvisorsLLC, under an agreement announced March 30. The transaction isexpected to close in the second quarter of 2012. Both privateequity firms are based in New York. Terms were not disclosed.

Milacron LLC was formed by Avenue Capital to acquire theoperations of Milacron Inc., which filed for bankruptcy in 2009.

According to the report, CCMP Capital Advisors specializes inupper-middle market buyouts and equity investments of $100 millionto $500 million in the United States and Europe. Tim Walsh,managing director of CCMP and co-head of its industrials group,said the firm will help Milacron execute its plans for growth.

The report relates CCMP and Milacron said Milacron's managementteam will continue with the company, which will remainheadquartered in Cincinnati.

The Company and six of its affiliates filed for chapter 11protection (Bankr. S.D. Ohio Case No. 09-11235) on March 10, 2009.On the same day, the Company filed an ancillary proceeding forreorganization of its Canadian subsidiary under the Companies'Creditors Arrangement Act in the Ontario Superior Court of Justicein Canada. The petitions include the Company and its U.S. andCanadian subsidiaries and its non-operating Dutch holding companysubsidiary only, and do not include any of the Company's operatingsubsidiaries outside the U.S. and Canada.

At Sept. 30, 2008, the Company's balance sheet showed$586.1 million in assets and $648.5 million in debts.

On Aug. 21, 2009, the Debtor completed a sale of substantially allof its assets to Milacron LLC, a company formed by affiliates ofAvenue Capital Group, certain funds and accounts managed by DDJCapital Management LLC and certain other entities that heldroughly 93% of the Company's 11.5% Senior Secured Notes. MilacronInc. changed its name to MI 2009 Inc. following the asset sale.

The U.S. Bankruptcy Court later converted the Debtors' Chapter 11reorganization cases to Chapter 7 liquidation.

MIT HOLDING: Delays Form 10-K for 2011--------------------------------------MIT Holding, Inc., will be delayed in filing its 10-K because theyear-end review of the Company's financial statements for the yearending Dec. 31, 2011, has not been completed.

The Company's balance sheet at Sept. 30, 2011, showed$5.10 million in total assets, $3.69 million in total liabilities,and $1.40 million in total stockholders' equity.

As reported by the TCR on April 27, 2011, Michael T. Studer CPAP.C., in Freeport, New York, expressed substantial doubt about MITHolding's ability to continue as a going concern. The independentauditors noted that the Company negative working capital of$1.2 million and a stockholders' deficiency of $2.2 million."From inception the Company has incurred an accumulated deficit of$8.5 million."

This rating withdrawal concludes the ratings review commenced onFebruary 22, 2011, after the acquisition agreement between M2 andSBA was announced.

The principal methodology used in rating M2 and SBA was the GlobalCommunications Infrastructure Industry Methodology published inJune 2011. Other methodologies used include Loss Given Default forSpeculative-Grade Non-Financial Companies in the U.S., Canada andEMEA published in June 2009.

SBA Communications Corp., through its wholly owned operatingsubsidiaries, is the third largest independent operator ofwireless tower assets in the United States. The firm derives over85% of its revenues by leasing site space on its towers in theU.S., Canada, and Central America to wireless service providers,with the remaining revenue derived from its site developmentbusiness, which provides network services relating to sites orwireless infrastructure for customers.

Mobilitie Investments II LLC, located in Newport Beach, CA is adeveloper and operator of wireless towers and network access sitesin the US, Canada and Central America. For the year ended 2010,the company owned and operated about 1,800 sites and generated $67million in revenues.

MPG OFFICE: Completes Disposition of Non-Core Assets----------------------------------------------------MPG Office Trust, Inc., completed the previously announcedtransactions between MPG, Charter Hall Office REIT and affiliatesof Beacon Capital Partners, LLC. As part of the transactions, MPGsold certain non-core assets and entered into a new joint ventureagreement with an affiliate of Beacon Capital Partners, LLC.

At the closing of the transactions, MPG, together with CharterHall Office REIT, sold its interests in Wells Fargo Center,located in Denver, Colorado, and San Diego Tech Center, located inSan Diego, California. In addition, MPG sold its developmentrights and an adjacent land parcel at San Diego Tech Center andreceived a payment in consideration for terminating its right toreceive certain fees following the closing date. Net proceeds toMPG of approximately $44 million will be used for generalcorporate purposes.

The new joint venture between MPG and the affiliate of BeaconCapital Partners, LLC will continue to own interests in OneCalifornia Plaza, located in Downtown Los Angeles, CerritosCorporate Center, located in Cerritos, California, and StadiumGateway, located in Anaheim, California. The new joint ventureagreement provides for a three-year lockout period, during whichtime neither partner will have the right to exercise the marketingrights under the joint venture agreement. The Company willcontinue to maintain a 20% interest in the new joint venture.

David L. Weinstein, President and Chief Executive Officer of MPGOffice Trust, commented, "These transactions resulted in thedisposition of non-core assets and the retention of our ownershipinterest in One California Plaza in Downtown Los Angeles. Theyalso provide us with the liquidity to maintain our dominant marketposition in Downtown Los Angeles."

About MPG Office Trust

MPG Office Trust, Inc., fka Maguire Properties Inc. --http://www.mpgoffice.com/-- is the largest owner and operator of Class A office properties in the Los Angeles central businessdistrict and is primarily focused on owning and operating high-quality office properties in the Southern California market. MPGOffice Trust is a full-service real estate company withsubstantial in-house expertise and resources in propertymanagement, marketing, leasing, acquisitions, development andfinancing.

The Company has been focused on reducing debt, eliminatingrepayment and debt service guarantees, extending debt maturitiesand disposing of properties with negative cash flow. The firstphase of the Company's restructuring efforts is substantiallycomplete and resulted in the resolution of 18 assets, relievingthe Company of approximately $2.0 billion of debt obligations andpotential guaranties of approximately $150 million.

The Company reported net income of $98.22 million in 2011,compared with a net loss of $197.93 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.28 billionin total assets, $3.21 billion in total liabilities, and a$927.92 million total deficit.

MSCI INC: S&P Affirms 'BB' Corp. Credit Rating; Outlook Positive----------------------------------------------------------------Standard & Poor's Ratings Services revised its rating outlook onNew York City-based MSCI Inc. to positive from stable. "Theoutlook revision reflects MSCI's operating resilience througheconomic cycles and since the acquisition of RiskMetrics in mid-2010, as well as our expectation that the company will maintainleverage at or below the current level," S&P said.

"At the same time, we affirmed our existing ratings on thecompany, including the 'BB' corporate credit rating, and the 'BB+'issue-level rating on the $1.225 billion senior secured creditfacility consisting of a $1.125 billion term loan B and a $100million revolver. The recovery rating on this debt remains at '2',indicating our expectation for substantial (70% to 90%)recovery for lenders in the event of a payment default," S&P said.

The ratings reflect MSCI's 'fair' business and 'significant'financial risk profiles.

"The positive rating outlook reflects MSCI's consistent operatingperformance through economic cycles, and its good but relativelynarrow market position. If MSCI can sustain leverage below 2.5xwhile generating consistent cash flow, we could raise the rating,"S&P said.

"Alternatively, if the company pursues a more aggressive financialpolicy via a debt-financed acquisition, such that leverage issustained above the low-3x level, we could change the outlook tostable," S&P said.

MUNICIPAL CORRECTIONS: Wants Involuntary Ch. 11 Heard in Georgia----------------------------------------------------------------Dow Jones' DBR Small Cap reports that Municipal Corrections LLC isasking a bankruptcy judge to transfer the its involuntary Chapter11 bankruptcy case to Georgia from Nevada, where the facility thatis at the center of the case is located.

NEDAK ETHANOL: Net Loss Down to $781,900 in 2011------------------------------------------------Nedak Ethanol, LLC, filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing a net loss of$781,940 on $152.11 million of revenue in 2011, compared with anet loss of $2.08 million on $94.77 million of revenue in 2010.

The Company's balance sheet at Dec. 31, 2011, showed$84.47 million in total assets, $41.13 million in totalliabilities, $10.49 million in preferred units Class B, and$32.84 million in total members' equity.

Atkinson, Neb.-based NEDAK Ethanol, LLC-- http://www.nedakethanol.com/-- operates a 44 million gallon per year ethanol plant in Atkinson, Nebraska, and produces andsells fuel ethanol and distillers grains, a co-product of theethanol production process. Sales of ethanol and distillersgrains began in January 2009.

As reported by the TCR on April 7, 2011, McGladrey & Pullen, LLP,in Sioux Falls, South Dakota, expressed substantial doubt aboutthe Company's ability to continue as a going concern following theCompany's 2010 results. The independent auditors noted that thereis uncertainty as to the Company's ability to cure creditagreement defaults and, therefore, to secure additional fundsneeded to fund ongoing operations.

McGladrey & Pullen, LLP, did not include a "going concern"qualification in its report on the Company's 2011 financialresults.

Bankruptcy Warning

The Form 10-Q for the quarter ended Sept. 30, 2011 noted that theCompany entered into the following agreements with AgCountryFarm Credit Services, FLCA, regarding the Company's senior securedcredit facility for the provision of construction and permanentdebt financing for our ethanol plant: a Master Credit Agreementdated Feb. 14, 2007, and several supplements including the SeventhSupplement and Forbearance agreement to the Master CreditAgreement effective Feb. 1, 2011. As of Sept. 30, 2011, theCompany had $34,000,008 outstanding under the Facility.

The Company, according to the Form 10-Q, is actively negotiatingwith the Lender to convert the construction financing to operatinglines and to modify the loan covenants to reflect current industryeconomics. These negotiations have taken a considerable amount oftime due to the number of lenders involved, the Company's overallliquidity and the interests of a diverse group of stakeholders.The Company cannot predict whether the Lender will agree to modifyany of those covenants, but the Company does expect a resolutionsoon. To the extent the Company is unable to modify thosecovenants, it may not be possible to meet them unless thecommodities markets the Company operates in move in favorabledirections. Until the Company is able to comply with thecovenants under the Loan Agreements, the Lender may take a varietyof actions, including immediately accelerating the repayment ofall outstanding debt under the Loan Agreements. Such accelerationcould entitle the Lender to liquidate all of the Company's assets,and would likely lead to the Company's bankruptcy, reorganizationor winding up of its affairs.

NEONODE INC: Incurs $17.1 Million Net Loss in 2011--------------------------------------------------Neonode Inc. filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing a net loss of$17.14 million on $6.06 million of net revenues in 2011, comparedwith a net loss of $31.62 million on $440,000 of net revenues in2010.

The Company's balance sheet at Dec. 31, 2011, showed $16.62million in total assets, $2.95 million in total liabilities and$13.67 million in total stockholders' equity.

NET ELEMENT: Incurs $24.8 Million Net Loss in 2011--------------------------------------------------Net Element, Inc., filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing a net loss of$24.85 million on $183,179 of net revenue for the 12 months endedDec. 31, 2011, compared with a net loss of $3.10 million on $242of net revenues for the nine months ended Dec. 31, 2010.

The Company's balance sheet at Dec. 31, 2011, showed $1.66 millionin total assets, $6.89 million in total liabilities and a $5.22million total stockholders' deficit.

For 2011,Daszkal Bolton LLP, in Fort Lauderdale, Florida,expressed substantial doubt about the Company's ability tocontinue as a going concern. The independent auditors noted thatthe Company has experienced recurring losses and has anaccumulated deficit and stockholders' deficiency at Dec. 31, 2011.

NEW HOPE PERSONAL: Wants to Withdraw Chapter 11 Petition--------------------------------------------------------Citizensvoice.com reports that New Hope Personal Care Homes Inc.filed papers in U.S. Bankruptcy Court for the Middle District ofPennsylvania to rescind a petition for Chapter 11 protection itfiled in June. A hearing is scheduled April 24.

According to the report, the facilities drew scrutiny after astate inspection in September revealed deficiencies at both and acourt-appointed trustee in the case asked Judge Robert Opel toconvert the case to a Chapter 7 liquidation. The trustee droppedthe request in November.

The report relates the motion to withdraw the bankruptcy says NewHope's administrative costs from the bankruptcy make it difficultto pay its bills on time and says the company could best addressits creditors outside of the bankruptcy process.

These rating actions conclude a review for possible downgradewhich was initiated on December 8, 2011, following the release ofNGPL's September 2011 quarter financial statements which showed amore severe drop in revenues than was previously expected.

Ratings Rationale

The downgrade of NGPL's Corporate Family Rating to Ba3 reflectsthe downward pressure on NGPL's transport revenues that is likelyto persist for several years as North American pipelines adjust tonew shale supplies and newly built pipelines.

The SGL-4 reflects the $1.25 billion of debt maturing in December2012 and the likelihood that NGPL will not meet its currentleverage covenant under its existing revolver. Moody's, however,expects that NGPL will refinance soon to resolve these issues. Theterms of the refinancing have not yet been determined, but Moody'sratings do not factor in a material amount of debt reduction atNGPL. Longer term, Moody's expects NGPL's cash flow metrics willstay well below ranges that were assumed at the Ba2 rating level.

"NGPL's cash flows will be under pressure for a while," saysMoody's vice president Mihoko Manabe. "It will take several yearsbefore credit metrics improve meaningfully."

Revenues are declining as short term-oriented customers, inparticular gas marketers, let their transport contracts with NGPLexpire or renew them at lower rates. Because of its unusuallyshort average contract life (only one year for transportcontracts), NGPL is more sensitive to contracts resetting at thelow prevailing rates for its transport services than otherpipelines that have longer-dated contracts. This erosion in theamount of contracted capacity and rates gathered pace in 2011 andcaused NGPL's financial results to fall well short of its plan.This downward trend is expected to continue over the next year orso as other such market-sensitive contracts come due.

Moody's referred to NGPL's September 2011 and December 2011quarter financial statements as a baseline for its futureperformance, as they are the first two quarters which fullyreflect the rate reductions ordered by the Federal EnergyRegulatory Commission that were phased in between July 2010 andJuly 2011. After Moody's adjustments, these six months' annualizedfunds flow from operations (FFO) of approximately $140 million,resulting in a FFO-to-debt ratio of 4.8%, well below the 7% rangeMoody's had incorporated in NGPL's Ba2 rating. Adjusted EBITDA forthe same period was roughly $380 million, resulting in adebt/EBITDA ratio of 7.1 times. Excluding the $23 million ofcushion gas sales gains which were unusually large in the December2011 quarter, this ratio would have been 8.0 times.

The negative outlook and the SGL-4 liquidity assessment reflectsthe near-term uncertainty regarding the refinancing. When NGPLdoes finalize its refinancing plan, Moody's will reassess thenegative outlook and assign ratings to the new and existingobligations based on the Ba3 Corporate Family Rating according toits loss given default methodology.

The Ba3 Corporate Family Rating is based on NGPL sustaining FFO-to-debt in the 4.5% to 6% range. Under the current businessenvironment and refinancing plan, NGPL is not likely to see anypositive rating momentum for a few years. As business conditionsrecover and transport rates go up, NGPL could eventually beconsidered for upgrade to Ba2 if it can maintain FFO-to-debt backin the 7% range. Despite its commercial and financial challenges,NGPL is a valuable asset that would be hard to replicate, whichreduces the potential of its Corporate Family Rating falling toomuch further. Its rating could be downgraded, however, if marketconditions worsen, causing the company's FFO-to-debt to remainbelow 4.5% for an extended period.

The principal methodologies used in this rating was Natural GasPipeline published in December 2009 and Loss Given Default forSpeculative-Grade Non-Financial Companies in the U.S., Canada andEMEA published in Jone 2009.

The last rating action for the company was on December 8, 2011,when Moody's placed NGPL under review for possible downgrade.

NGPL PipeCo LLC is a holding company for Natural Gas PipelineCompany of America and other interstate natural gas pipelineassets. NGPL is 80% owned by Myria Acquisition LLC and 20% ownedand operated by Kinder Morgan Kansas, Inc., based in HoustonTexas.

NISKA GAS: S&P Cuts Corp. Credit Rating to 'BB-' on Weak Metrics----------------------------------------------------------------Standard & Poor's Ratings Services lowered its long-term corporatecredit rating on Alberta-based Niska Gas Storage Partners LLC to'BB-' from 'BB'. At the same time, Standard & Poor's lowered itssenior secured debt rating on the company to 'BB+' from 'BBB-',and its senior unsecured debt rating on Niska to 'B+' from 'BB-'.The '1' recovery rating on the senior secured debt and '5'recovery rating on the senior unsecured debt are unchanged. Theoutlook is stable.

"The ratings reflect Standard & Poor's assessment of the company'sleveraged balance sheet, exposure to contract renewal risk andmarket pricing risk, the potential large working-capital andliquidity requirements of its optimization program, and Niska'smaster limited partnership (MLP) structure. In our view,offsetting these weaknesses are the company's market leadingstorage capacity in the Western Canadian Sedimentary Basin andNorthern California; consistent adherence to its target businessmix between long- and short-term contracts and optimization; andstrict adherence to its risk management policies, which hasresulted in a good track record of operational stability."

"Niska owns and operates the largest independent natural gasstorage business in North America. The company owned and operates206 billion cubic feet (bcf) of total storage capacity as of March31, 2012. Canadian assets include the AECO hub in Alberta, whichincludes the Suffield (80 bcf) and Countess (70 bcf) facilities.In the U.S., Niska also owns and operates the Wild Goose (50 bcf)facility in northern California; the Salt Plains facility (13 bcf)in Oklahoma, and 8.5 bcf of natural gas liquids capacity. It alsoprovides natural gas marketing services to the Oklahoma energymarket as a natural extension of its commercial storage activitiesin the midcontinent region. The company has increased its gasstorage assets 8% in fiscal 2012, through additions of 2 bcf ofcapacity at AECO and 15 bcf at Wild Goose in California set tocome in service in April 2012," S&P said.

"The stable outlook reflects Standard & Poor's view that the 'BB-'rating adequately reflects the fair business risk profile andaggressive financial risk profile. Seasonal natural gas spreads, akey driver of profitability, have been what we consider weak, andwe forecast only modest improvements, which will constrainfinancial flexibility. The company has eliminated distributions tosubordinated unitholders, and selling optimization inventory, bothof which have preserved cash Niska has used to reduce debtoutstanding. However, the decline in profitability has outstrippedthe company's ability to compensate, leading to a sharp drop incredit metrics. Our forecast of adjusted funds from operations-to-debt in fiscal 2013 of about 9% and debt-to-EBITDA of about 6x isindicative of this. We would view further deterioration offinancial metrics negatively, and should debt-to-EBITDA increaseabove 6.5x, or funds from operations-to-debt drop below 7%, wewould look to lower the rating. An upgrade is unlikely during ourtwo-year outlook horizon, because we do not forecast materialimprovements in the financial risk profile," S&P said.

NOBILITY HOMES: Receives NASDAQ Notice of Non-Compliance--------------------------------------------------------Nobility Homes, Inc. received letters from the staff of theListing Qualifications Department of The NASDAQ Stock Market LLCstating that the Company is not in compliance with NASDAQ ListingRule 5250(c)(1) because the Company did not timely file its Form10-Q reports for the periods ended Aug. 6, 2011 and Feb. 4, 2012and Form 10-K for the year ended Nov. 5, 2011 with the Securitiesand Exchange Commission. As a result of these filing delays, theStaff's letter indicated that trading in the Company's securitieswould be suspended unless the Company timely requests a hearingbefore a NASDAQ Listing Qualifications Panel and requests that thePanel stay any suspension action pending the conclusion of thehearing process.

Accordingly, the Company intends to timely request a hearingbefore the Panel. In connection with that request, the Companywill ask that the Panel extend the stay of the suspension actionuntil the conclusion of the hearing process. Pursuant to theNASDAQ Listing Rules, the Panel has the discretion to extend thestay of the suspension action and to grant the Company continuedlisting pending its return to compliance for a period of time notto exceed Sept. 19, 2012.

The Company is reviewing its accounting treatment regardingvaluation of its inventory of pre-owned manufactured homes forprior reporting periods with the staff of the SEC. Until the SECstaff has completed its review of the Company's accountingtreatment, the Company is unable to file the Form 10-Qs and Form10-K.

NORTEL NETWORKS: Seeks Appointment of Neutral Mediator------------------------------------------------------BankruptcyData.com reports that Nortel Networks filed with theU.S. Bankruptcy Court a motion for an order (I) appointing aneutral mediator concerning the modification or termination of theNortel retiree welfare plans and the Nortel long-term disabilityplans; (II) authorizing the Debtors to pay the costs ofengagement.

Nortel asserts, "While the Debtors remain willing to explore thepossibility of negotiating consensual termination of the benefitplans before seeking more substantive relief from the Court, suchnegotiations must proceed promptly and in earnest, rather than theplodding pace seen to date."

The Court scheduled an April 18, 2012 hearing on the matter.

About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was once North America's largest communications equipment provider.It has sold most of the businesses while in bankruptcy.

Nortel Networks Corp., Nortel Networks Inc., and other affiliatedcorporations in Canada sought insolvency protection under theCompanies' Creditors Arrangement Act in the Ontario Superior Courtof Justice (Commercial List). Ernst & Young was appointed toserve as monitor and foreign representative of the Canadian NortelGroup.

The Monitor sought recognition of the CCAA Proceedings in theU.S. by filing a bankruptcy petition under Chapter 15 of the U.S.Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). MaryCaloway,Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll &Rooney PC, in Wilmington, Delaware, serves as the Chapter 15petitioner's counsel.

Certain of Nortel's European subsidiaries also made consequentialfilings for creditor protection. On May 28, 2009, at the requestof the Administrators, the Commercial Court of Versailles, Franceordered the commencement of secondary proceedings in respect ofNortel Networks S.A. On June 8, 2009, Nortel Networks UK Limitedfiled petitions in this Court for recognition of the EnglishProceedings as foreign main proceedings under chapter 15 of theBankruptcy Code.

Nortel has collected almost $9 billion for distribution tocreditors. Of the total, US$4.5 billion came from the sale ofNortel's patent portfolio to Rockstar Bidco, a consortiumconsisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LMEricsson, Microsoft Corp., Research In Motion Limited, and SonyCorporation. The consortium defeated a $900 million stalkinghorse bid by Google Inc. at an auction. The deal closed in July2011.

Nortel Networks has filed a proposed plan of liquidation in theU.S. Bankruptcy Court. The Plan generally provides for fullpayment on secured claims with other distributions going inaccordance with the priorities in bankruptcy law.

The Office of the United States Trustee for the District ofDelaware has appointed an Official Committee of UnsecuredCreditors in respect of the Debtors, and an ad hoc group ofbondholders has been organized.

The Official Committee of Retired Employees and the OfficialCommittee of Long-Term Disability Participants tapped Alvarez &Marsal Healthcare Industry Group as financial advisor. TheRetiree Committee is represented by McCarter & English LLP asDelaware counsel, and Togut Segal & Segal serves as the RetireeCommittee. The Committee retained Alvarez & Marsal HealthcareIndustry Group as financial advisor, and Kurtzman CarsonConsultants LLC as its communications agent.

NORTEL NETWORKS: Seeks Mediator to Break Benefits Standoff----------------------------------------------------------Lance Duroni at Bankruptcy Law360 reports that Nortel NetworksInc. asked a Delaware bankruptcy judge on Wednesday to appoint amediator to help the defunct telecommunications company sort out agraceful exit from its benefit obligations to retirees anddisabled employees.

In a motion filed with the court, the company complained that twocommittees -- representing some 3,300 retirees and 240 disabledemployees -- are stalling in negotiations despite repeatedsettlement offers, requiring a neutral mediator to step in, Law360relates.

About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was once North America's largest communications equipment provider.It has sold most of the businesses while in bankruptcy.

Nortel Networks Corp., Nortel Networks Inc., and other affiliatedcorporations in Canada sought insolvency protection under theCompanies' Creditors Arrangement Act in the Ontario Superior Courtof Justice (Commercial List). Ernst & Young was appointed tofserve as monitor and foreign representative of the CanadianNortelGroup.

The Monitor sought recognition of the CCAA Proceedings in theU.S. by filing a bankruptcy petition under Chapter 15 of the U.S.Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). MaryCaloway,Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll &Rooney PC, in Wilmington, Delaware, serves as the Chapter 15petitioner's counsel.

Certain of Nortel's European subsidiaries also made consequentialfilings for creditor protection. On May 28, 2009, at the requestof the Administrators, the Commercial Court of Versailles, Franceordered the commencement of secondary proceedings in respect ofNortel Networks S.A. On June 8, 2009, Nortel Networks UK Limitedfiled petitions in this Court for recognition of the EnglishProceedings as foreign main proceedings under chapter 15 of theBankruptcy Code.

Nortel Networks divested off key assets while in Chapter 11.Nortel has raised $3.2 billion by selling its operations as itprepares to wind up a two-year liquidation due to insolvency. InJune 2011, Nortel added US$4.5 billion to its cash pile afteragreeing to sell its remaining patent portfolio to Rockstar Bidco,a consortium consisting of Apple Inc., EMC Corporation,Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research InMotion Limited, and Sony Corporation. The consortium defeated a$900 million stalking horse bid by Google Inc. at an auction. Thedeal closed in July 2011.

Nortel Networks has filed a proposed plan of liquidation in theU.S. Bankruptcy Court. The Plan generally provides for fullpayment on secured claims with other distributions going inaccordance with the priorities in bankruptcy law.

The Office of the United States Trustee for the District ofDelaware has appointed an Official Committee of UnsecuredCreditors in respect of the Debtors, and an ad hoc group ofbondholders has been organized.

The Official Committee of Retired Employees and the OfficialCommittee of Long-Term Disability Participants tapped Alvarez &Marsal Healthcare Industry Group as financial advisor. TheRetiree Committee is represented by McCarter & English LLP asDelaware counsel, and Togut Segal & Segal serves as the RetireeCommittee. The Committee retained Alvarez & Marsal HealthcareIndustry Group as financial advisor, and Kurtzman CarsonConsultants LLC as its communications agent.

NORTHERN BERKSHIRE: Taps Bulkley Richardson as Labor Counsel------------------------------------------------------------Northern Berkshire Healthcare, Inc., and its affiliates seekpermission from the Bankruptcy Court to employ Bulkley, Richardsonand Gelinas, LLP, as their special labor counsel nunc pro tunc toJan. 1, 2012. BRG will provide legal services to the Debtorsrelated to labor and employment law, including their union laborcontracts, union and collective bargaining agreement relateddisputes, cases at the Massachusetts Commission AgainstDiscrimination and the National Labor Relations Board, othersimilar matters, and related labor and employment.

The principal attorneys presently designated to represent theDebtors and their hourly rates are:

Northern Berkshire disclosed $22,957,933 in assets and $53,379,652in liabilities as of the Chapter 11 filing. The petition wassigned by William F. Frado, Jr., president.

William K. Harrington, the U.S. Trustee for Region 1, appointedfive members to the official unsecured creditors' committee in theDebtors' cases. The Committee tapped Duane Morris LLP as itscounsel.

NORTHERN BERKSHIRE: Taps Denterlein as Communications Consultant----------------------------------------------------------------Northern Berkshire Healthcare, Inc., and its affiliates seekpermission from the Bankruptcy Court to employ DenterleinWorldwide, Inc., as their communications consultant.

The firm will, among other things, draft and distributecommunications to employees, patients, physicians, referralsources, board members, volunteers, donors, and the mediaregarding a wide array of activities and issues; respond to mediarequests; and address questions and support the Debtors'management in any aspect of strategic communications, marketing,and outreach necessary to support business operations and patientvolume.

The Debtors began working with Denterlein prepetition to managetheir public relations and prepare for the impact of commencingChapter 11 cases and operating in Chapter 11. Denterlein assistedthe Debtors in fashioning their messaging strategy for both theiremployees and the community at large, whose continuing support iscritical for the Debtors' reorganization to succeed.

During the year immediately preceding the Petition Date, theDebtors paid Denterlein amounts totaling $205,358. Denterlein hasnot received a retainer from the Debtors.

From the Petition Date to Aug. 31, 2011, the Debtors wereobligated to pay Denterlein a fixed monthly fee of $15,000 underthe Prior Letter Agreements. From Sept. 1, 2011, going forward,the Debtors will pay Denterlein a fixed monthly fee of $10,000 permonth. In addition, the Debtors will reimburse Denterlein for allreasonable expenses incurred by Denterlein in the performance ofits duties upon presentation of appropriate documentation forexpenses in excess of $50. Those expenses include, but are notlimited to, printing, production, design, copying, travel,parking, and delivery.

To the best of the Debtors' knowledge, Denterlein (a) is a"disinterested person" as that term is defined in Section 101(14)of the Bankruptcy Code, as modified by section 1107(b), and (b)does not hold or represent an interest adverse to the Debtors'estates.

Northern Berkshire disclosed $22,957,933 in assets and $53,379,652in liabilities as of the Chapter 11 filing. The petition wassigned by William F. Frado, Jr., president.

William K. Harrington, the U.S. Trustee for Region 1, appointedfive members to the official unsecured creditors' committee in theDebtors' cases. The Committee tapped Duane Morris LLP as itscounsel.

NORTHWESTERN STONE: Court OKs Deal for Cash Access for 6 Months---------------------------------------------------------------The Hon. Robert D. Martin of the U.S. Bankruptcy Court for theWestern District of Wisconsin has approved the stipulation datedDec. 5, 2011, authorizing Northwestern Stone, LLC's six monthcontinued use of the cash collateral pursuant to a new budget.

As reported by the Troubled Company Reporter on Jan. 10, 2012, theDebtor sought Court approval of a stipulation it entered with TheMcFarland State Bank. The Debtor is indebted to MSB, and theobligation is secured by substantial assets of the Debtor,including cash proceeds of collateral. The Debtor would use thecash collateral to fund its business operations. Pursuant to theagreement, MSB was granted a lien against all of the Debtor'spostpetition assets, however, MSB was not granted a securityinterest or lien in any cause of action of the estate.

The Court has allowed the Debtor to use Cash Collateral pursuantto the budget attached to the stipulation for order authorizingcontinued use of Cash Collateral dated Dec. 5, 2011, for sixmonths from the date of the court order, which is Dec. 27, 2011.

A full-text copy of the stipulation and the budget is availablefor free at:

NORTHWESTERN STONE: Asks for May 16 Extension for Schedules-----------------------------------------------------------Northwestern Stone, LLC, asks the Hon. Robert D. Martin of theU.S. Bankruptcy Court for the Western District of Wisconsin tofurther extend the Debtor's exclusive period for filing a Chapter11 Plan until May 16, 2012. The Debtor also asks the Court toextend the deadline to obtain the acceptance of the plan untilJuly 16, 2012.

As reported by the Troubled Company Reporter on Nov. 4, 2011, theCourt previously extended the exclusive right of the Debtor tofile a plan and to solicit acceptances of a filed plan untilMarch 30, 2012, and May 29, 2012, respectively.

Timothy J. Peyton, Esq., at Kepler & Peyton, the attorney for theDebtor, says that the complexities of this case justify anextension of the Debtor's exclusive periods. The Debtor's primaryassets include three quarries, machinery, equipment, vehicles,inventory, and accounts receivable. In order to reduce itsoverall debt and propose a feasible Plan, the Debtor hasliquidated some of its assets and is contemplating the liquidationadditional assets.

According to Mr. Peyton, the Debtor has taken steps designed toallow it to propose a feasible Plan. "Those steps include theentry of a Cash Collateral Agreement with McFarland State Bank.That Cash Collateral Agreement requires the Debtor, the Bank andcreditor's committee to come up with a plan to liquidate one ofthe Debtor's quarries, the quarry located in Middleton Wisconsin.The Debtor has listed the quarry for sale with the Opitz RealtyCo. The McFarland State Bank has agreed to extend the CashCollateral Agreement to at least September 30, 2012, so long asthe Debtor does not default on any of the conditions of theAgreement and continues its efforts to sell the Middleton quarry.In addition, the Debtor has sold its quarry located inSpringfield, Wisconsin for $4.2 million, has conducted a publicauction of certain excess machinery, equipment and vehiclesrealizing $1,907,500, come to agreement with TCF Equipment FinanceCo, Inc., General Electric Capital Corp., and Milwaukee MackLeasing for adequate protection and purchase of essentialequipment. The Debtor has also assumed essential leases andentered into a lease with the American Transmission Company, LLCand obtained a claims bar date," Mr. Peyton states.

The Agreement provides that the Company will sell to SPLP and SPLPwill purchase up to $10,000,000 of the Company's common stockunder specified terms in the Agreement. The Agreement providesthat on any Put Date, the Company may exercise a Put by thedelivery of a Put Notice to SPLP. The number of Put Shares thatSPLP will purchase will be determined by dividing the investmentamount specified in the Put Notice by the Purchase Price. TheInvestment amount identified in the Put Notice will not be greaterthan the Maximum Put Amount, and, when taken together with anyprior Put Notices, will not exceed the Maximum Commitment of$10,000,000.

On the Put Date, the Company will deliver to SPLP's brokerageaccount estimated put shares equal to the investment amountindicated in the Put Notice divided by the closing price on thetrading day immediately proceeding the Put Date, multiplied by125%. On the Trading Date immediately following delivery of theEstimated Put Shares, SPLP will delivery payment by check or wiretransfer to the Company an amount equal to the part value of theEstimated Put Shares. In the event that, during a ValuationPeriod, the Closing Price on any Trading Day falls more than 20%below the average of closing trade prices for the five tradingdays immediately preceding the date of the Company's Put Notice,for each such Trading Day, the parties will have no right and willbe under no obligation to purchase and sell 1/5 of the investmentamount specified in the Put Notice, and the Investment Amount willaccordingly be deemed reduced by such amount. The Put Shares arecontingent upon our filing of an S-1 Registration Statement withthe Securities Exchange Commission and it becoming effective.

As a condition of executing the Agreement by SPLP, the Companywill issue to SPLP a promissory note in the amount of $50,000 uponthe signing of the Agreement. The Note will be convertible atSPLP's option into shares of the Company's common stock at aconversion price equal to 70% of the average of the two lowestClosing Prices for the five trading days immediately preceding aconversion notice. Additionally, the Company agrees to pay itsown expenses in connection with preparation of the Agreement andperformance of the Company's obligations under the Agreement, andthe Company will pay a $25,000 fee to SPLP in cash or the issuanceof an additional $25,000 in principal of the Note.

The Agreement is subject to various representations and warrantiesby both parties to the Agreement.

Coral Springs, Florida-based Nutra Pharma Corp. is a holdingcompany that owns intellectual property and operations in thebiotechnology industry. Nutra Pharma incorporated under the lawsof the state of California on Feb. 1, 2000, under the originalname of Exotic-Bird.com.

Through its wholly-owned subsidiaries, ReceptoPharm, Inc., andDesigner Diagnostics, Inc., the Company conducts drug discoveryresearch and development activities. In October 2009, the Companylaunched its first consumer product called Cobroxin, an over-the-counter pain reliever designed to treat moderate to severe chronicpain. In May 2010, the Company launched its second consumerproduct called Nyloxin, an over-the-counter pain reliever that isa stronger version of Cobroxin and is designed to treat severechronic pain.

The Company reported a net loss of $1.9 million for the ninemonths ended Sept. 30, 2011, compared with a net loss of $2.3million for the same period of 2010.

The Company's balance sheet at Sept. 30, 2011, showed $1.5 millionin total assets, $3.9 million in total liabilities, and astockholders' deficit of $2.4 million.

Kingery & Crouse, P.A., in Tampa, Florida, expressed substantialdoubt about Nutra Pharma's ability to continue as a going concern,following the Company's 2010 results. The independent auditorsnoted that the Company has no cash as of Dec. 31, 2010, hassuffered recurring losses from operations and has ongoingrequirements for additional capital investment.

NUVILEX INC: Delays Form 10-Q for Jan. 31 Quarter-------------------------------------------------Nuvilex, Inc., was unable to file its quarterly report on Form10-Q within the prescribed time period because the Companyrecently changed auditors on Feb. 10, 2012. Having joined a newauditing firm, Nuvilex has had logistic and methodological issuesto address, Nuvilex has also been extensively immersed infinancing activities necessary toward moving the company forward,and was as a result unable to provide its auditors with all of theinformation necessary to enable the auditors to complete thereview for the quarter ended Jan. 31, 2012, prior to the March 16,2012, deadline.

About Nuvilex Inc.

Silver Spring, Md.-based Nuvilex, Inc., Nuvilex, Inc. operatesindependently and through wholly-owned subsidiaries. The Companyis dedicated to bringing to market scientifically derived productsdesigned to improve the health and well-being of those who usethem. The Company's current strategy is to focus on developingand marketing products in the biotechnology arena it believes havepotential for long-term corporate growth.

The Company's balance sheet at Oct. 31, 2011, showed $1.7 millionin total assets, $3.5 million in total liabilities, $580,000 ofpreferred stock, and a shareholders' deficit of $2.4 million.

M&K CPAS, PLLC, in Houston, Texas, expressed substantial doubtabout Nuvilex's ability to continue as a going concern, followingthe Company's results for the fiscal year ended April 30, 2011.The independent auditors noted that the Company has sufferedrecurring losses from operations.

OASIS PETROLEUM: Moody's Puts CFR/PDR on Review for Upgrade-----------------------------------------------------------Moody's Investors Service has placed Oasis Petroleum Inc.'sCorporate Family Rating (CFR), Probability of Default Rating(PDR), and senior note ratings on review for upgrade. Oasis is oneof a number of companies identified by Moody's as being wellpositioned to benefit from sustained high oil prices.

With 95% of its production comprised of oil, Oasis is well-positioned to enjoy robust cash flow generation for at least thenext few years based on Moody's expectation for a sustained highoil price environment.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a one notchupgrade.

The principal methodology used in rating Oasis Petroleum Inc. wasthe Global Independent Exploration and Production IndustryMethodology published in December 2011. Other methodologies usedinclude Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.

Based in Luchu Taoyuan County, Taiwan, Omphalos, Corp., throughits wholly-owned subsidiaries which serve as third-partyresellers, supplies a wide range of equipment and parts includingrefurbished and modified reflow soldering ovens and automatedoptical inspection machines for printed circuit board (PCB)manufacturers in Taiwan and China. Omphalos also provides aftersale services such as maintenance and repairs to its customers andsells parts for the equipment.

OPTIMUMBANK HOLDINGS: Net Loss Down to $3.7 Million in 2011-----------------------------------------------------------OptimumBank Holdings, Inc., filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing anet loss of $3.74 million on $6.42 million of total interestincome in 2011, compared with a net loss of $8.45 million on$8.78 million of total interest income in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $154.47million in total assets, $147.68 million in total liabilities and$6.78 million in total stockholders' equity.

OptimumBank is currently operating under a Consent Order issued bythe Federal Deposit Insurance Corporation ("FDIC") and the Stateof Florida Office of Financial ("OFR"), effective as of April 16,2010. As of Sept. 30, 2010, the Bank was considered"undercapitalized" under these FDIC requirements. As an"undercapitalized" institution, the Bank is subject torestrictions on capital distributions, payment of management fees,asset growth and the acceptance, renewal or rollover of brokeredand high-rate deposits. In addition, the Bank must obtain priorapproval of the FDIC prior to acquiring any interest in anycompany or insured depository institution, establishing oracquiring any additional branch office, or engaging in any newline of business.

"The Bank [OptimumBank] has experienced recent and continuingincreases in nonperforming assets, declining net interest margin,increases in provisions for loan losses, continuing high levels ofnoninterest expenses related to the credit problems, and erodingregulatory capital which raise substantial doubt about the Bank'sability to continue as a going concern," the Company said in itsForm 10-Q for the quarter ended Sept. 30, 2010.

The Company's continuing high levels of nonperforming assets,declining net interest margin, continuing high levels ofnoninterest expenses related to the credit problems, and erodingregulatory capital raise substantial doubt about the Company'sability to continue as a going concern.

Moreover, as reported by the TCR on April 20, 2011, Hacker,Johnson & Smith PA, in Fort Lauderdale, Florida, noted that theCompany's operating and capital requirements, along with recurringlosses raise substantial doubt about its ability to continue as agoing concern.

For 2011, Hacker Johnson did not include a "going concern"qualification in its report on the Company's financial results.

ORCKIT COMMUNICATIONS: NASDAQ Grants Request for Continued Listing------------------------------------------------------------------Orckit Communications Ltd. disclosed that a NASDAQ ListingQualifications Panel has granted the Company's request forcontinued listing and for a transfer of its listing to The NASDAQCapital Market. Accordingly, the Company's ordinary shares willbegin trading on The NASDAQ Capital Market effective with the openof business on Friday, March 30, 2012. The transfer of theCompany's listing from The NASDAQ Global Market to The NASDAQCapital Market should have no impact on trading in the Company'sordinary shares, and the Company's ordinary shares will continueto trade under the symbol ORCT. In addition, the transfer willnot impact the Company's listing on the Tel Aviv Stock Exchange.

The Company's continued listing on The NASDAQ Capital Market issubject to certain conditions, including the Company's filing of aForm 6-K with the Securities and Exchange Commission by June 27,2012 indicating that the Company satisfies the applicable $2.5million stockholders' equity requirement for continued listing onthe Capital Market, and the submission of financial projectionsfor the Panel's review evidencing the Company's ability to sustaincompliance with that requirement through the end of 2012. TheCompany also remains subject to a grace period through Aug. 13,2012, by which date the Company must evidence compliance withNASDAQ's minimum bid price requirement of $1.00 per share. In theevent the Company does not regain compliance with the bid pricerequirement by that date, it may be eligible for an additional180-day compliance period, provided it meets all initial listingcriteria for the Capital Market, with the exception of the bidprice and market value of publicly held shares requirements.

The Panel's decision follows the Company's receipt of notice fromthe NASDAQ Listing Qualifications Staff on Dec. 30, 2011indicating that the Company's securities were subject to delistingbased upon the Company's non-compliance with the $10 millionstockholders' equity requirement for continued listing on TheNASDAQ Global Market. In response, the Company requested ahearing before the Panel, which was held in February 2012. Whilethe Company is diligently working toward achieving compliance withall applicable listing requirements, there can be no assurancethat it will be able to do so by the Panel's June 27, 2012deadline.

ORION ENERGY: Receives Approval From NYSE Amex on Compliance Plan-----------------------------------------------------------------Orion Energy Systems, Inc. has received a notice from NYSE AmexLLC, indicating that the Company's plan of compliance wasaccepted. As the Company previously announced in a press releaseon Feb. 14, 2012, the Company had received a notice from NYSE AmexLLC, indicating that the Company was not in compliance with theExchange's continued listing criteria set forth in Sections 134and 1101 of the NYSE Amex LLC Company Guide because it did nottimely file its Quarterly Report on Form 10-Q for its fiscal 2012third quarter ended Dec. 31, 2011.

In order to maintain its Exchange listing, the Company wasafforded the opportunity to submit a plan of compliance to theExchange and on Feb. 15, 2012 presented its plan to the Exchange.On March 26, 2012, the Exchange notified the Company that itaccepted the Company's plan of compliance and granted the Companyan extension until June 15, 2012 to regain compliance with thecontinued listing standards. The Company will be subject toperiodic review by Exchange Staff during the extension period.Failure to make progress consistent with the plan or to regaincompliance with the continued listing standards by the end of theextension period could result in the Company being delisted fromthe NYSE Amex LLC.

OSI RESTAURANT: Reports $89.9 Million Net Income in 2011--------------------------------------------------------OSI Restaurant Partners, LLC, filed with the U.S. Securities andExchange Commission its annual report on Form 10-K disclosing netincome of $89.92 million on $3.84 billion of total revenues in2011, compared with net income of $27.84 million on $3.62 billionof total revenues in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.56 billionin total assets, $2.56 billion in total liabilities and a $3.89million total deficit.

OSI Restaurant Partners, Inc., is the #3 operator of casual-diningspots (behind Darden Restaurants and Brinker International), withmore than 1,400 locations in the U.S. and 20 other countries. Itsflagship Outback Steakhouse chain boasts more than 950 locationsthat serve steak, chicken, and seafood in Australian-themedsurroundings. OSI also operates the Carrabba's Italian Grillchain, with about 240 locations. Other concepts include BonefishGrill, Fleming's Prime Steakhouse, and Cheeseburger In Paradise.Most of the restaurants are company owned. A group led byChairman Chris Sullivan took the company private in 2007.

The Debtors said they have a critical need for immediate financingand cash collateral use. Without the immediate availability ofthe Post-Petition Financing and cash collateral, the continuedoperation of the Debtors? business would not be possible, andserious and irreparable harm to the Debtors and the Estates wouldoccur.

The Debtors said they are unable to obtain interim or permanentfinancing from sources other than the Post-Petition Lenders onterms more favorable than under the Loan Documents. The Post-Petition Financing will be used to meet the Debtors? post-petitionobligations, general and administrative operating expenses,including wages, taxes and insurance and other expenses incurredduring the pendency of the bankruptcy case.

The Debtors also said their counsel has conditioned its employmenton approval of the DIP Loan and a carve-out to cover expectedlegal fees and expenses.

The Court's Interim Order provides for the carved out of the cashcollateral of $40,000 for legal fees and expenses payable toDelCotto Law Group PLLC, the Debtors' counsel, as well as foraccounting fees and fees payable to the United States Trustee.

Knox County, Kentucky, and the Knox County Hospital Board arerepresented by:

The Debtors lease the assets and real property to operate thehospital from Knox County, Kentucky and Knox Hospital Corporation.According to court filings, the lessors in 2009 filed suit againstPacer Health and others in the Knox Circuit Court alleging abreach of the Lease Agreement but the suit was later resolved.Under the deal, CP was substituted as lessee.

CP is a Kentucky limited liability company established by Dr.Satyabrata Chatterjee and Dr. Ashwini Anand to purchase the stockof Pacer Holdings of Kentucky, Inc., which owned 100% of the stockof Pacer Health and 60% of the stock of Pacer Management. CP,which previously owned 40% of the stock of Pacer Management,became the sole owner of Pacer Management following thetransaction.

In October 2011, the county notified CP it was in default underthe lease agreement. The parties negotiated numerous extensionsof time to cure the alleged defaults, most recently until 12:01a.m. on March 29, 2012. Prior to expiration of the most recentextension, the Lessors again filed suit in the Knox Circuit Courton March 20, 2012 seeking to have the Lease Agreement terminatedand requesting entry of a restraining order against CP, PHM andPM, among others.

On March 20, 2012, the Knox Circuit Court issued a restrainingorder which precluded the Debtors from spending hospital fundsother than for ordinary operating expenses, among other things.

A March 22, 2012 report by The Associated Press said that countyofficials and the hospital board have agreed to terminate thefacility's lease with the Debtors. The group then agreed to signwith another management company that will keep the hospital openand prepare it to be sold, according to the report.

The Debtors filed for Chapter 11 protection to retain control ofthe Hospital. The Debtors said they seek to continue operatingthe Hospital pursuant to the terms of the Lease Agreement andpreserve their option to purchase the Hospital.

Judge Joseph M. Scott, Jr. presides over the case. Lawyers atDelCotto Law Group PLLC, serve as the Debtors' counsel. CraigMorgan, the Debtors' CEO, has been appointed by the Court as theindividual responsible for performing the duties of the Company asa Debtor in possession. Mr. Morgan signed the bankruptcypetitions.

PACER MANAGEMENT: Won't Object to Appointment of Ombudsman----------------------------------------------------------Pacer Management of Kentucky, LLC; Pacer Health ManagementCorporation of Kentucky; and Cumberland-Pacer, LLC, informed theBankruptcy Court they have no objection to the appointment of apatient care ombudsman in their jointly administered cases.

The Court has set a deadline for any party in interest to file aMotion Not to Appoint Ombudsman. The Motion is due April 10.

The Debtors are also seeking to transfer the venue of their caseto the Bankruptcy Court in Lexington. The petitions were filed inLondon, Kentucky Bankruptcy Court.

The Debtors lease the assets and real property to operate thehospital from Knox County, Kentucky and Knox Hospital Corporation.According to court filings, the lessors in 2009 filed suit againstPacer Health and others in the Knox Circuit Court alleging abreach of the Lease Agreement but the suit was later resolved.Under the deal, CP was substituted as lessee.

CP is a Kentucky limited liability company established by Dr.Satyabrata Chatterjee and Dr. Ashwini Anand to purchase the stockof Pacer Holdings of Kentucky, Inc., which owned 100% of the stockof Pacer Health and 60% of the stock of Pacer Management. CP,which previously owned 40% of the stock of Pacer Management,became the sole owner of Pacer Management following thetransaction.

In October 2011, the county notified CP it was in default underthe lease agreement. The parties negotiated numerous extensionsof time to cure the alleged defaults, most recently until 12:01a.m. on March 29, 2012. Prior to expiration of the most recentextension, the Lessors again filed suit in the Knox Circuit Courton March 20, 2012 seeking to have the Lease Agreement terminatedand requesting entry of a restraining order against CP, PHM andPM, among others.

On March 20, 2012, the Knox Circuit Court issued a restrainingorder which precluded the Debtors from spending hospital fundsother than for ordinary operating expenses, among other things.

A March 22, 2012 report by The Associated Press said that countyofficials and the hospital board have agreed to terminate thefacility's lease with the Debtors. The group then agreed to signwith another management company that will keep the hospital openand prepare it to be sold, according to the report.

The Debtors filed for Chapter 11 protection to retain control ofthe Hospital. The Debtors said they seek to continue operatingthe Hospital pursuant to the terms of the Lease Agreement andpreserve their option to purchase the Hospital.

Judge Joseph M. Scott, Jr. presides over the case. Lawyers atDelCotto Law Group PLLC, serve as the Debtors' counsel. CraigMorgan, the Debtors' CEO, has been appointed by the Court as theindividual responsible for performing the duties of the Company asa Debtor in possession. Mr. Morgan signed the bankruptcypetitions.

Knox County, Kentucky, and the Knox County Hospital Board arerepresented by Sturgill, Turner, Barker & Maloney, PLLC. Dr.Satyabrata Chatterjee, one of the DIP lenders, is represented byDinsmore & Shohl, LLP. Dr. Ashwini Anand has teamed up with Dr.Chatterjee to provide the DIP loan.

The Debtors intend to retain special healthcare counsel and anaccountant by separate motion.

The Firm has received a retainer from a third party of $75,000 forservices and expenses rendered prepetition (including filing fees)and holds the remaining balance of $46,332 in escrow.

According to papers filed by the Debtors, DLG wants court approvalof a lien in its favor against the pre-petition funds in itsescrow account to secure payment of fees and expenses approved inthe case. The Firm has conditioned its engagement upon theCourt?s approval of an initial carve-out of $40,000, followed bymonthly carve-outs of $25,000 from post-petition loan proceeds.

The Firm seeks interim approval of their employment on behalf ofthe Debtors in order to protect their right to payment from theRetainer and the ?carve-out? payments deposited in the Firm?sescrow account. The Firm specifically requests that interim andfinal approval of its right to be paid from escrowed funds beenforceable and payable regardless of whether or not the Firm?semployment is ultimately approved.

Dean A. Langdon, Esq., senior attorney with the Firm, attests thatattorneys at his Firm do not have any connection with the Debtors,their creditors, any party in interest, or their respectiveattorneys. He said the Firm previously represented thepredecessor to the Debtors, Knox County Hospital OperationCorporation, in connection with a previous Chapter 11 filing(Bankr. E.D. Ky. Case No. 04-60083). The Firm closed such matteron Dec. 14, 2006. Additionally, the Firm represented Knox CountyHospital Operating Corporation f/k/a SE Health Inc. in connectionwith preference claims arising from the Chapter 11 filing andrepresented SE Health in matters regarding the wind down of itsbusiness affairs. These matters were closed by the Firm on Dec.14, 2006 and March 14, 2011, respectively. The Firm does notbelieve that the previous representations present a conflict ofinterest, and disclose them only out of an abundance of caution.

The Firm?s current rates range from $195 to $450 per hour forattorneys and from $145 to $165 per hour for paralegals, whichrates are adjusted periodically.

The Debtors lease the assets and real property to operate thehospital from Knox County, Kentucky and Knox Hospital Corporation.According to court filings, the lessors in 2009 filed suit againstPacer Health and others in the Knox Circuit Court alleging abreach of the Lease Agreement but the suit was later resolved.Under the deal, CP was substituted as lessee.

CP is a Kentucky limited liability company established by Dr.Satyabrata Chatterjee and Dr. Ashwini Anand to purchase the stockof Pacer Holdings of Kentucky, Inc., which owned 100% of the stockof Pacer Health and 60% of the stock of Pacer Management. CP,which previously owned 40% of the stock of Pacer Management,became the sole owner of Pacer Management following thetransaction.

In October 2011, the county notified CP it was in default underthe lease agreement. The parties negotiated numerous extensionsof time to cure the alleged defaults, most recently until 12:01a.m. on March 29, 2012. Prior to expiration of the most recentextension, the Lessors again filed suit in the Knox Circuit Courton March 20, 2012 seeking to have the Lease Agreement terminatedand requesting entry of a restraining order against CP, PHM andPM, among others.

On March 20, 2012, the Knox Circuit Court issued a restrainingorder which precluded the Debtors from spending hospital fundsother than for ordinary operating expenses, among other things.

A March 22, 2012 report by The Associated Press said that countyofficials and the hospital board have agreed to terminate thefacility's lease with the Debtors. The group then agreed to signwith another management company that will keep the hospital openand prepare it to be sold, according to the report.

The Debtors filed for Chapter 11 protection to retain control ofthe Hospital. The Debtors said they seek to continue operatingthe Hospital pursuant to the terms of the Lease Agreement andpreserve their option to purchase the Hospital.

Judge Joseph M. Scott, Jr. presides over the case. Lawyers atDelCotto Law Group PLLC, serve as the Debtors' counsel. CraigMorgan, the Debtors' CEO, has been appointed by the Court as theindividual responsible for performing the duties of the Company asa Debtor in possession. Mr. Morgan signed the bankruptcypetitions.

Knox County, Kentucky, and the Knox County Hospital Board arerepresented by Sturgill, Turner, Barker & Maloney, PLLC. Dr.Satyabrata Chatterjee, one of the DIP lenders, is represented byDinsmore & Shohl, LLP. Dr. Ashwini Anand has teamed up with Dr.Chatterjee to provide the DIP loan.

PDC ENERGY: Moody's Puts 'B2' CFR/PDR on Review for Upgrade-----------------------------------------------------------Moody's Investors Service has placed PDC Energy's Corporate FamilyRating (CFR), Probability of Default Rating (PDR), and senior noteratings on review for upgrade. PDC is one of a number of companiesidentified by Moody's as being well positioned to benefit fromsustained high oil prices.

Previously, Moody's gave PDC Energy a 'B2' Long Term CorporateFamily Rating, a 'B2' Probability of Default Rating, and a 'B3'Senior Unsecured Rating.

Ratings Rationale

With 37% of its fourth quarter 2011 production (pro forma for theFebruary 2012 Permian Basin asset sale) comprised of oil andnatural gas liquids, PDC is well-positioned to enjoy robust cashflow generation for at least the next few years based on Moody'sexpectation for a sustained high oil price environment.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a one notchupgrade.

PDC Energy is an independent exploration and production companyheadquartered in Denver, CO.

The principal methodology used in rating PDC Energy was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011 Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

"The outlook revision to positive from negative reflects solidinitial results at the company's recently opened property, theKansas Star, and our expectation for a continued strong ramp overthe next several months," said Standard & Poor's credit analystAriel Silverberg. "We believe this, in conjunction with continuedmodest EBITDA improvement at Peninsula's existing properties, willpropel sufficient EBITDA growth to meaningfully reduce leverageover the next few quarters."

"We expect operating lease-adjusted leverage to track toward thelow-4x area by the end of 2012, which is good for the currentrating. On Dec. 31, 2011, credit measures were weak for therating, as operating lease-adjusted leverage was about 7.5x andEBITDA coverage of interest was about 1.4x," S&P said.

"The positive rating outlook reflects our expectation for creditmeasures to improve meaningfully through 2012, with adjustedleverage improving to the low-4x area and interest coverageincreasing to the mid-2x area, both of which would be strong forthe current rating. Given our assessment of Peninsula's businessrisk profile as weak, we would consider raising the rating onenotch to 'BB-' if we believe the company would maintain adjustedleverage in the low-4x area or below. We would consider an outlookrevision to stable, or lower ratings if the company sustainedadjusted leverage at 5.5x or above, potentially a result of aslower-than-anticipated ramp-up of the Kansas Star in 2012, or anincrease in leverage related to an additional developmentproject," S&P said.

PERKINS & MARIE: New CEO Tapped to Lead Revamped Firm-----------------------------------------------------Dow Jones' DBR Small Cap reports that Perkins & Marie Callender'sLLC has named Jaffrey Warne to serve as its new chief executive,about four months after the restaurant company emerged frombankruptcy protection.

Perkins & Marie's Joint Plan of Reorganization became effectiveNov. 30, 2011. The Plan gave new stock to holders of seniorunsecured notes owed $204 million and to general unsecuredcreditors owed between $20 million or $25 million.

PHILADELPHIA NEWSPAPERS: Investors Buy Newspaper for $55 Million----------------------------------------------------------------Mike Armstrong at Philly.com reports that Lewis Katz and George E.Norcross III and four other local investors paid $55 million toacquire the Inquirer, Philadelphia Daily News, and Philly.com fromthe hedge funds and financial firms that had owned them since theyemerged from bankruptcy in 2010.

According to the report, the latest sale of the media propertiesis their fourth in six years.

According to the report, the buyers purchased Philadelphia MediaNetwork for a fraction of the $515 million paid in 2006 by aprevious local investor group.

The report notes, despite the sale, PMN's challenges remainsubstantial. Advertising revenues have fallen by 50% in six years.

The report relates, as part of the sale that closed April 2, thenew owners intend to invest up to $10 million more for workingcapital for operations of the Philadelphia region's two largestdaily newspapers and dominant regional website, which employ about1,800 people. Also, they expressed confidence in the viability ofthe Daily News and that it could "return to its circulationsuccess," Mr. Norcross said, according to the report. None of theinvestors would be considered the majority owner, Mr. Norcrossadded, but the group would not specify how much each invested.

The report says Messrs. Katz and Norcross will serve as managingpartners of Interstate General Media L.L.C., the new parentcompany; Mr. Lenfest will serve as chairman of the board. Theenterprise will continue to do business as Philadelphia MediaNetwork. The new owners said they intend to retain PMN's currentmanagement team, led by CEO Gregory J. Osberg.

According to the report, Mr. Osberg reminded that he expressedsimilar hopes after hedge funds, led by Alden Global Capital andAngelo, Gordon & Co., bought the company out of bankruptcy for$139 million in 2010, Mr. Osberg agreed but said he'd spent abouthalf his 18 months on the job working on possible deals at theirbehest.

The report notes Mr. Katz said the $55 million purchase priceis the same amount Walter Annenberg received when he sold TheInquirer and Daily News to Knight Newspapers Inc. in 1969.

The report says the new owners will sign a pledge not to interferewith the operations of PMN's three newsrooms. The one-sentencestatement reads: "The editorial function of the business shall atall times remain independent of the ownership and control of thecompany, and no owner shall attempt to influence or interfere witheditorial policies or news decisions." That pledge, which threeof the six owners signed Monday, was drafted largely by thenewsrooms' leaders: Inquirer editor Stan Wischnowski, Daily Newseditor Larry Platt, and Philly.com editor Wendy Warren. The otherthree owners were not available Monday.

The report notes philanthropist Raymond G. Perelman, who at onepoint complained about being excluded from participation, withdrewfrom the group in mid-March.

About Philadelphia Newspapers

Philadelphia Newspapers, LLC -- http://www.philly.com/-- owned and operated numerous print and online publications in thePhiladelphia market, including the Philadelphia Inquirer, thePhiladelphia Daily News, several community newspapers, theregion's number one local Web site, philly.com, and a number ofrelated online products. The Company's flagship publications werethe Inquirer, the third oldest newspaper in the country and thewinner of numerous Pulitzer Prizes and other journalisticrecognitions, and the Daily News.

Philadelphia Newspapers and its debtor-affiliates filed forChapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No.09-11204) on Feb. 22, 2008. Proskauer Rose LLP is the Debtors'bankruptcy counsel, while Lawrence G. McMichael, Esq., at DilworthPaxson LLP is the local counsel. The Debtors' financial advisoris Jefferies & Company Inc. Philadelphia Newspapers estimatedassets and debts of $100 million to $500 million in its Chapter 11petition.

The Debtors proposed a plan of reorganization which would sellsubstantially all of their assets at an auction. The PhiladelphiaMedia Network, which was formed by the Debtors' secured lenders,acquired the Philadelphia Inquirer, the Daily News and Philly.comfor $105 million in cash. The Court approved the sale andconfirmed a revised plan at a hearing on Sept. 30.

Philadelphia Newspapers previously won confirmation of a planbased on the sale of the business to the same group of lenders for$139 million. The sale failed to close because the buyers weren'table to reach agreement on a new labor contract with the Teamstersunion. After another auction on Sept. 23, the lenders againemerged as the winning bidder but with a lower offer.

"At the same time, we issued issue-level ratings on the seniorsecured facility of 'BB-' that includes a $100 million term loanand a $25 million revolver," said Standard & Poor's credit analystTahira Wright. "The recovery ratings on the credit facilities is'1', indicating our expectation for very high (90%-100%) recoveryin the event of payment default. We also assigned an issue-levelrating of 'B-' on the $210 million senior unsecured notes. Therecovery rating on the unsecured notes is '5', indicating ourexpectation for modest (10%-30%) recovery in the event of paymentdefault."

PINNACLE AIRLINES: Wants to Continue L/C & Surety Bond Programs---------------------------------------------------------------Pinnacle Airlines Corp. and its subsidiaries ask the Court forauthority to maintain, continue and renew, in their solediscretion, their Letter of Credit and Surety Bond Programs on anuninterrupted basis and in accordance with the same practices andprocedures, including, but not limited to, the maintenance of cashcollateral, as were in effect before the Petition Date. Thisauthority would include permitting the Debtors (i) to pay allamounts arising under the Letter of Credit and Surety BondPrograms due and payable after the Petition Date and (ii) to renewor obtain new letters of credit and surety bonds as needed in theordinary course of business.

If the requested relief is not granted and the Letter of Creditand Surety Bond Programs lapse or terminate, the Debtors?operations could be severely affected, thereby endangering theDebtors? successful reorganization and substantially harming allcreditors.

In the ordinary course of their businesses, the Debtors arerequired to provide to third parties letters of credit and suretybonds to secure the Debtors? payment or performance of certainobligations, including obligations owed to municipalities,obligations associated with foreign operations, contractual orpermit obligations, fuel and liquor taxes, airport obligations andU.S. and Canadian customs requirements. Failure to provide,maintain or to timely replace these letters of credit and suretybonds could jeopardize the Debtors? ability to conduct theiroperations.

As of the Petition Date, the Debtors had roughly $7.9 million inoutstanding letters of credit. All of these letters of credit arecollateralized by cash or U.S. Treasury securities. Commissionand transaction fees are charged by the Providers, on a monthly,quarterly or annual basis as a requirement for the issuance andmaintenance of these letters of credit. The amounts charged can beon a percentage or flat fee basis, or a combination thereof.

As of the Petition Date, the Debtors have roughly $503,000 inoutstanding surety bonds, about half of which are collateralizedby letters of credit. The premiums for most of the surety bondsare determined annually and are paid by the Debtors at inceptionand annually thereafter. The Debtors? principal surety is WesternSurety.

Because the issuance of a surety bond shifts the risk of theDebtors? non-performance or non-payment from the Debtors? obligeeto the surety, sureties cautiously screen bond applicants tominimize their loss exposure. Despite this reallocation offinancial risk, a surety bond is not the equivalent of aninsurance policy. Unlike an insurance policy, if a Providerincurs a loss on a surety bond, it is entitled to recover the fullamount of that loss from the principal. This right to indemnity istypically memorialized in an indemnity agreement between theProvider and the principal, the execution of which is generallyrequired by the Provider as a precondition to the issuance of abond. The Debtors are a party to a number of such indemnityagreements.

Pursuant to the Indemnity Agreements, the Debtors have agreed toindemnify certain parties from any loss, cost, damage or expensethey may incur by reason of their execution of any bonds on behalfof Debtors. By this Motion, the Debtors seek the authority, butnot the obligation, to honor those Indemnity Agreements.

Based on the current financial status of the Debtors, it isunlikely that the Debtors will be able to renew or obtainreplacement letters of credit or surety bonds on anunsecured basis and in some cases capacity may not be availableeven on a secured basis.

In order to be able to give the financial assurances the Debtorswill be required to provide in order to continue their businessoperations during the reorganization process, the Debtors mustmaintain the existing Letter of Credit and Surety Bond Programsand may need additional letter of credit and bonding capacity notcurrently provided by the Letter of Credit and Surety BondPrograms.

Accordingly, to operate their businesses, which require the Letterof Credit and Surety Bond Programs, the Debtors will have toeither renew or replace their existing letters of credit andsurety bonds, and will most likely have to maintain collateralarrangements similar to those currently in place.

Although the Debtors have not yet filed their schedules of assetsand liabilities, they anticipate that there will be in excess of10,000 entities to be noticed. In view of the number ofanticipated claimants and the complexity of the Debtors?businesses, the Debtors submit that the appointment of a claimsand noticing agent is both necessary and in the best interests ofboth the Debtors? estates and their creditors.

The Debtors said they have obtained and reviewed engagementproposals from at least two other court-approved claims andnoticing agents to ensure selection through a competitive process.

Prior to the Petition Date, the Debtors provided Epiq a $25,000retainer.

Jennifer Meyerowitz, Vice President and Senior Consultant of EpiqBankruptcy Solutions LLC, attests that Epiq attests that it is a"disinterested person" as that term is defined in section 101(14)of the Bankruptcy Code with respect to the matters upon which itis to be engaged.

Judge Robert E. Gerber presides over the case. Lawyers at DavisPolk & Wardwell LLP, and Akin Gump Strauss Hauer & Feld LLP serveas the Debtors' counsel. Barclays Capital and Seabury Group LLCserve as the Debtors' financial advisors. The petition was signedby John Spanjers, executive vice president and chief operatingofficer.

Pinnacle Airlines' balance sheet at Sept. 30, 2011, showed $1.53billion in total assets, $1.42 billion in total liabilities and$112.31 million in total stockholders' equity.

Delta Air Lines, Inc., the Debtors' major customer and post-petition lender, is represented by David R. Seligman, Esq., atKirkland & Ellis LLP.

PINNACLE AIRLINES: Wants Schedules Filing Deadline Moved to May 31------------------------------------------------------------------Pinnacle Airlines Corp. and its subsidiaries seek an extension ofthe 14-day period to file their schedules of assets andliabilities and statement of financial affairs for an additional45 days, through May 31, 2012, without prejudice to the Debtors'ability to request additional time should it become necessary and(b) pursuant to Bankruptcy Rule 1007(a)(3), waive the requirementto file a list of equity holders and, pursuant to Bankruptcy Rule2002(d), the requirement to give notice of the order for relief toall equity security holders of Pinnacle Airlines Corp.

Pursuant to 11 U.S.C. Section 521 and F.R.B.P. Rule 1007, theDebtors are required to file their (a) schedules of assets andliabilities, (b) schedules of current income and expenditures, (c)schedules of executory contracts and unexpired leases and (d)statements of financial affairs within 14 days after the PetitionDate. Under Bankruptcy Rule 1007(a)(3), the Debtors are requiredto file a list of equity security holders, including a list ofequity holders of Pinnacle Airline Corp. within 14 days after thePetition Date.

On the Petition Date, the Debtors filed with the Court a list ofcreditors holding the five largest secured claims against theDebtors? estates on a consolidated basis and a list of creditorsholding the 50 largest unsecured claims against the Debtors?estates on a consolidated basis.

Due to the complexity of their operations, and the numerous othermatters that the Debtors must attend to in connection with filingthese cases, the Debtors anticipate that they will be unable tocomplete their Schedules in the 14 days.

To prepare their Schedules, the Debtors must compile informationfrom books, records and documents relating to potentiallythousands of claims, assets and contracts. This information isvoluminous and is located in numerous places throughout theDebtors? organization. Collection of the necessary informationrequires an enormous expenditure of time and effort on the part ofthe Debtors and their employees. Additionally, because allinvoices related to prepetition goods and services have not yetbeen received and/or entered into the Debtors? accounting system,it may be some time before the Debtors have access to all of therequired information to prepare the Schedules.

Judge Robert E. Gerber presides over the case. Lawyers at DavisPolk & Wardwell LLP, and Akin Gump Strauss Hauer & Feld LLP serveas the Debtors' counsel. Barclays Capital and Seabury Group LLCserve as the Debtors' financial advisors. Epiq Systems -Bankruptcy Solutions serves as the claims and noticing agent. Thepetition was signed by John Spanjers, executive vice president andchief operating officer.

Pinnacle Airlines' balance sheet at Sept. 30, 2011, showed $1.53billion in total assets, $1.42 billion in total liabilities and$112.31 million in total stockholders' equity.

Delta Air Lines, Inc., the Debtors' major customer and post-petition lender, is represented by David R. Seligman, Esq., atKirkland & Ellis LLP.

PINNACLE AIRLINES: USW to Demand Accountability in Restructuring----------------------------------------------------------------The United Steelworkers said that the union will continue itsactive engagement with Pinnacle Airlines Corp. in light of thecompany's federal bankruptcy filing and work to ensure that theunion-represented employees retain a voice in their future withthe company.

Pinnacle announced yesterday that the company would be seekingChapter 11 bankruptcy protection while the company implements anumber of cost-cutting measures and secures financing to helpcover operating expenses aimed to keep the company afloat,including a $74.3 million loan from Delta, subject to courtapproval.

USW International President Leo W. Gerard said that the union'sexperience in negotiating labor contracts with financiallydistressed employers in a wide variety of industries and sectorswill benefit both the company and over 2,600 union-representedflight attendants and ground crew personnel who have already beenasked by Pinnacle to accept wage and benefit cuts.

"With the company giving hundreds of thousands of dollars inraises to its top two executives on the eve of seeking bankruptcyprotection, management's call for other workers to accept cutbacksrings hollow," Gerard said. "In fairness, Pinnacle cannot expectour members to sacrifice without a commitment from top managementto do the same."

Gerard said that the USW has dedicated attorneys to the Pinnaclebankruptcy and will maintain a presence at any hearings in thecase, including one set for today, and will also seek a positionon the Pinnacle creditors' committee.

USW International Vice President Carol Landry said that the unionneeds to challenge the company for rewarding its top managers withhundreds of thousands in pay increases while at the same timethreatening to eliminate USW members' jobs and demandingconcessions.

"The men and women whose professionalism, experience and talentkeep Pinnacle airplanes in the air and passengers safe willcontinue to do everything they can to support the company'srestructuring and protect their jobs," Landry said, "but theyshouldn't be expected to finance raises for executives. Inaddition, Pinnacle's workers, who are being asked to invest inPinnacle's future, should be provided a means of sharing in anyfuture improvements."

USW District 9 Director Daniel Flippo said that restoring Pinnacleto a position of financial stability and strength will require aconcerted effort by management and workers.

"Our brothers and sisters at Pinnacle and its subsidiaries mustremain strong in their solidarity and determination throughout thecoming weeks and months," Flippo said. "Our unity is our best hopeto survive the restructuring process with our jobs, pay andbenefits intact."

The USW represents about 850,000 working men and women in theUnited States and Canada in a wide variety of industries, rangingfrom glass making to mining, paper, steel, tire and rubber andother manufacturing environments to the public sector, service andhealth care industries.

Lawyers at Davis Polk & Wardwell LLP, and Akin Gump Strauss Hauer& Feld LLP serve as the Debtors' counsel. Barclays Capital andSeabury Group LLC serve as the Debtors' financial advisors. EpiqSystems - Bankruptcy Solutions serves as the claims and noticingagent. The petition was signed by John Spanjers, executive vicepresident and chief operating officer.

Pinnacle Airlines' balance sheet at Sept. 30, 2011, showed $1.53billion in total assets, $1.42 billion in total liabilities and$112.31 million in total stockholders' equity.

PMI GROUP: Plan Exclusivity Period Extended to May 21-----------------------------------------------------BankruptcyData.com reports that PMI Group filed with the U.S.Bankruptcy Court a motion for an order extending the exclusiveperiod during which the Company can file a Chapter 11 plan andsolicit acceptances thereof through and including May 21, 2012 andJuly 20, 2012, respectively.

The Court scheduled an April 11, 2012 hearing on the matter.

About PMI Group

Del.-based The PMI Group, Inc., is an insurance holding companywhose stock had, until Oct. 21, 2011, been publicly-traded on theNew York Stock Exchange. Through its principal regulatedsubsidiary, PMI Mortgage Insurance Co., and its affiliatedcompanies, the Debtor provides residential mortgage insurance inthe United States.

The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. CaseNo. 11-13730) on Nov. 23, 2011. In its schedules, the Debtordisclosed $167,963,354 in assets and $770,362,195 in liabilities.Stephen Smith signed the petition as chairman, chief executiveofficer, president and chief operating officer.

The Debtor said in the filing that it does not have the financialresources to pay the outstanding principal amount of the 4.50%Convertible Senior Notes, 6.000% Senior Notes and the 6.625%Senior Notes if those amounts were to become due and payable.

Moody's A3 insurance financial strength ratings on theProAssurance Insurance Companies (PRA Group), and Baa3 seniorunsecured debt rating of ProAssurance Corporation (ProAssurance;NYSE: PRA) are based primarily on the company's established trackrecord and solid competitive market position as a specialistunderwriter of medical professional liability (MPL) insurance inthe USA. Other strengths include overall strong financialfundamentals - reflecting its very high quality investmentportfolio, its strong operating profitability and claim handlingdiscipline, its modest underwriting and operational leverageprofile and sound reserve position, as well as its a modest levelof financial leverage. These strengths are tempered primarily bythe company's well above-average product risk and lack of productdiversification as a mono-line business profile in a sector of theproperty-casualty insurance marketplace that - despiteparticularly strong performance in recent years - has over timeexhibited one of the highest levels of volatility in underwritingresults and liability claim trends among all lines of insurance.PRA Group has expanded its operations geographically through aseries of mergers and acquisitions, which involves execution andintegration risks, but appears to have been well managed overtime. While the Company now has business in 49 states and DC, itspremiums remain somewhat concentrated in several states. InMoody's view, these risk factors temper Moody's view of thecompany's generally very conservative financial profile, whichMoody's sees as providing an important buffer to the intrinsicallyhigh volatility and risk profile of the sector.

ProAssurance Corporation, through its subsidiaries, providesprofessional liability insurance products primarily to physicians,dentists, other healthcare providers, and healthcare facilities inthe United States. It also engages in the legal professionalliability business. The company markets its products through bothdirect marketing and specialized independent agents. ProAssuranceCorporation was founded in 1976 and is based in Birmingham,Alabama. The group has expanded since the mid-1990s though theconsolidation of more than twenty other MPL insurers, particularlyin the eastern and central states.

- Annual adverse reserve development in excess of 3% of total reserves;

- Gross underwriting leverage at 3x or greater, or weakening of risk-adjusted capital measures to A-level or below.

The principal methodology used in this rating was Moody's GlobalRating Methodology for Property and Casualty Insurers published inMay 2010.

PROVIDENT COMMUNITY: Posts $190,000 Net Loss in 2011----------------------------------------------------Provident Community Bancshares, Inc., reported a net loss of$190,000 on net interest income of $8.5 million for 2011, comparedwith a net loss of $13.8 million on net interest income of$8.4 million for 2010. Total non-interest income was $3.3 millionfor 2011, as compared to $3.5 million for 2010.

The Company's balance sheet at Dec. 31, 2011, showed$376.6 million in total assets, $364.2 million in totalliabilities, and stockholders' equity of $12.5 million.

On Dec. 21, 2010, Provident Community Bank, N.A. entered into astipulation and consent to the issuance of a consent order withthe Office of the Comptroller of the Currency.

At Dec. 31, 2011, the Bank met each of the capital requirementsrequired by regulations, but was not in compliance with thecapital requirements imposed by the OCC in its Consent order.

The Bank is required by the consent order to maintain Tier 1capital at least equal to 8% of adjusted total assets and totalcapital of at least 12% of risk-weighted assets. However, so longas the Bank is subject to the enforcement action executed with theOCC on Dec. 21, 2010, it will not be deemed to be well-capitalizedeven if it maintains the minimum capital ratios to be well-capitalized. At Dec. 31, 2011, the Bank did not meet the highercapital requirements required by the consent order and isevaluating alternatives to increase capital.

Rock Hill, South Carolina-based Provident Community Bancshares,Inc., is the bank holding company for Provident Community Bank,N.A. (the "Bank"). Provident Community Bancshares has no materialassets or liabilities other than its investment in the Bank.Provident Community Bancshares' business activity primarilyconsists of directing the activities of the Bank.

The Bank's operations are conducted through its main office inRock Hill, South Carolina and seven full-service banking centers,all of which are located in the upstate area of South Carolina.The Bank is regulated by the Office of the Comptroller of theCurrency (the "OCC"), is a member of the Federal Home Loan Bank ofAtlanta (the "FHLB") and its deposits are insured up to applicablelimits by the Federal Deposit Insurance Corporation (the "FDIC").Provident Community Bancshares is subject to regulation by theFederal Reserve Board (the "FRB").

"In addition, we revised our recovery rating on Quad's seniorsecured credit facilities to '3,' indicating our expectation ofmeaningful (50% to 70%) recovery for lenders in the event of apayment default, from '2' (70% to 90% recovery expectation). Asper our notching criteria for a '3' recovery rating, we alsolowered the issue-level rating on this debt to 'BB+' (at the samelevel as the 'BB+' corporate credit rating on the company) from'BBB-'. The recovery rating change reflects a revision of theEBITDA multiple used to value the company in our hypotheticaldefault scenario, to 4.5x from 5.0x," S&P said.

"The outlook revision reflects the potential for a downgrade ifQuad's revenue continues to decline at a mid-single-digit rate andwe become convinced that EBITDA will meaningfully contractfurther, or if we become convinced debt leverage will rise above3x on a sustained basis," said Standard & Poor's credit analystTulip Lim.

"The 'BB+' corporate credit rating reflects our expectation thatthe company will continue to face negative structural trends andeconomic pressures that business integration savings from its July2010 acquisition of World Color Press Inc. will only partiallyoffset. We view Quad's business risk profile as 'fair,' based onits size, operating efficiency, and profitability--notwithstandingthe difficult fundamentals in the printing industry, which includekeen competition, fragmentation, intense pricing pressures, andsignificant revenue volatility over the economic cycle. We viewQuad's financial risk as 'intermediate,' based on its moderateleverage," S&P said.

Quad is the second largest printer in the Western Hemisphere andis roughly half the size of industry leader R.R. Donnelley & SonsCo. Quad's print products are well diversified; however, themajority of its businesses are facing unfavorable structuralchanges as content and advertising dollars move to digital media.In addition, the printing industry is fragmented and highlycompetitive. Industry overcapacity has led to more competitivepricing and has left the printing industry more vulnerable tocyclical downturns.

"We expect Quad's revenue performance to reflect continued pricedegradation and pressure on volumes, given the unfavorable seculartrends in books, magazines, retail inserts, and directories. Inour base-case scenario, we expect revenue to decline at a high-single-digit percentage rate and that EBITDA (which is differentfrom management's calculation of EBITDA and does not includecertain add-backs) will decline at a mid-teens rate," S&P said.

QUANTUM CORP: Moody's Withdraws 'B2' Coporate Family Rating-----------------------------------------------------------Moody's Investors Service has withdrawn all ratings of QuantumCorporation following repayment of its senior secured creditfacility with a combination of cash and refinancing proceeds froma new 5-year credit agreement which is not rated by Moody's.Ratings have been withdrawn given that the issuer has no rateddebt outstanding.

The following ratings and assessments were withdrawn:

Corporate Family Rating at B2

Probability of Default Rating at B2

$50 Million Senior Secured Revolver due July 2012 at Ba3 (LGD-2, 23%)

$49 Million (originally $400 Million) Senior Secured First Lien Term Loan due July 2014 at Ba3 (LGD-2, 23%)

Outlook, changed to Withdrawn from Positive

The principal methodology used in this rating was the GlobalTechnology Hardware Methodology published in October 2010.

Quantum, headquartered in San Jose, California, is a leadingglobal data storage company offering a comprehensive range ofdisk-based deduplication/replication, tape and software productsfor backup, disaster recovery and archiving under the Quantumbrand name and the names of various original equipmentmanufacturer (OEM) customers.

QUANTUM FUEL: Empery Asset Discloses 9.9% Equity Stake------------------------------------------------------In an amended Schedule 13G filed with the U.S. Securities andExchange Commission, Empery Asset Management, LP, and itsaffiliates disclosed that, as of March 16, 2012, they beneficiallyown 4,231,900 shares of common stock and warrants to purchase6,776,000 shares of common stock of Quantum Fuel SystemsTechnologies Worldwide, Inc., representing 9.9% of the sharesoutstanding. A copy of the filing is available for free at:

Based in Irvine, California, Quantum Fuel Systems TechnologiesWorldwide, Inc., is a fully integrated alternative energy companyand considers itself a leader in the development and production ofadvanced clean propulsion systems and renewable energy generationsystems and services.

Quantum Fuel and its senior lender, WB QT, LLC, entered into aNinth Amendment to Credit Agreement and a Forbearance Agreement onJan. 3, 2011. The Senior Lender agreed to provide the Companywith a $5.0 million non-revolving line of credit, which may bedrawn upon at any time prior to April 30, 2011. Advances underthe New Line of Credit do not bear interest -- unless an event ofdefault occurs, in which case the interest rate would be 10% perannum -- and mature on April 30, 2011. The Senior Lender alsoagreed to forbear from accelerating the maturity date for anyportion of the Senior Debt Amount and from exercising any of itsrights and remedies with respect to the Senior Debt Amount untilApril 30, 2011.

The Company reported a net loss attributable to stockholders of$11.03 million on $20.27 million of total revenue for the yearended Apri1 30, 2011, compared with a net loss attributable tostockholders of $46.29 million on $9.60 million of total revenueduring the prior year.

Quantum Fuel reported a net loss attributable to stockholders of$38.49 million on $24.47 million of total revenue for the eightmonths ended Dec. 31, 2011, compared with a net loss attributableto stockholders of $6.52 million on $10.51 million of totalrevenue for the same period a year ago.

The Company's balance sheet at July 31, 2011, showed$74.15 million in total assets, $31.62 million in totalliabilities, and $42.53 million total stockholders' equity.

The Company anticipates that it will need to raise a significantamount of debt or equity capital in the near future in order torepay certain obligations owed to the Company's senior securedlender when they mature. As of June 15, 2011, the total amountowing to the Company's senior secured lender was approximately$15.5 million, which includes approximately $12.5 million ofprincipal and interest due under three convertible promissorynotes that are scheduled to mature on Aug. 31, 2011, and a $3.0million term note that is potentially payable in cash upon demandbeginning on Aug. 1, 2011, if the Company's stock is below $10.00at the time demand for payment is made. If the Company is unableto raise sufficient capital to repay these obligations at maturityand the Company is otherwise unable to extend the maturity datesor refinance these obligations, the Company would be in default.The Company said it cannot provide any assurances that it will beable to raise the necessary amount of capital to repay theseobligations or that it will be able to extend the maturity datesor otherwise refinance these obligations. Upon a default, theCompany's senior secured lender would have the right to exerciseits rights and remedies to collect, which would includeforeclosing on the Company's assets. Accordingly, a default wouldhave a material adverse effect on the Company's business and, ifthe Company's senior secured lender exercises its rights andremedies, the Company would likely be forced to seek bankruptcyprotection.

RADIO ONE: Reports $12.9 Million Consolidated Net Income in 2011----------------------------------------------------------------Radio One, Inc., filed with the U.S. Securities and ExchangeCommission its annual report on Form 10-K disclosing consolidatednet income of $12.90 million on $364.61 million of net revenue in2011, compared with a consolidated net loss of $26.62 million on$279.72 million of net revenue in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $1.48 billionin total assets, $1.05 billion in total liabilities,$20.34 million in redeemable non-controlling interests, and$410.59 million in total equity.

Based in Washington, Radio One, Inc. (Nasdaq: ROIAK and ROIA) --http://www.radio-one.com/-- is a diversified media company that primarily targets African-American and urban consumers. TheCompany is one of the nation's largest radio broadcastingcompanies, currently owning 53 broadcast stations located in 16urban markets in the United States. Radio One operatessyndicated programming including the Russ Parr Morning Show, theYolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCoBrother Live, CoCo Brother's 'spirit" program, Bishop T.D. Jakes'"Empowering Moments", the Reverend Al Sharpton Show, and theWarren Ballentine Show.

The Company also owns a controlling interest in Reach Media, Inc.-- http://www.blackamericaweb.com/-- owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner.Radio One owns Interactive One -- http://www.interactiveone.com/-- an online platform serving the African-American communitythrough social content, news, information, and entertainment,which operates a number of branded sites, including News One,UrbanDaily, HelloBeautiful, Community Connect Inc. --http://www.communityconnect.com/-- an online social networking company, which operates a number of branded Web sites, includingBlackPlanet, MiGente, and Asian Avenue and an interest in TV One,LLC -- http://www.tvoneonline.com/-- a cable/satellite network programming primarily to African-Americans.

In its report dated Aug. 23, 2010, for the Company's fiscal 2009financial statements, Ernst & Young LLP expressed substantialdoubt as to the Company's ability to continue as a going concern,given certain covenant violations under the Company's loanagreements which could have resulted in significant portions ofthe Company's outstanding debt becoming callable by the Company'slenders. The Company noted that these violations were cured as apart of certain refinancing transactions more fully described inour Current Report on Form 8-K filed, Dec. 1, 2010. Having curedthese violations, the Company's audited financial statements for2010 have been prepared assuming that it will continue as a goingconcern.

* * *

In the Dec. 10, 2010 edition of the TCR, Moody's confirmed theCaa1 rating for Radio One, Inc.'s Corporate Family Rating andconfirmed its Caa2/LD Probability of Default Rating. According toMoody's, the Caa1 corporate family rating will reflect Radio One'shigh pro forma debt-to-EBITDA leverage of approximately 8.0x(incorporating Moody's standard adjustments) mitigated by improvedoperating performance due to expected political advertising gainsin 4Q10 followed by double digit EBITDA gains in 1Q11 compared toa weak 1Q10. Despite expected growth in EBITDA and improvingdebt-to-EBITDA leverage ratios, reported debt balances will remainflat at approximately $655 million for the next 12 months due tothe anticipated funding of the TV One capital call as well as thepotential accretion of the PIK portion of the new 12.5%/15%subordinated notes due 2016.

As reported by the Troubled Company Reporter on March 11, 2011,Standard & Poor's Ratings Services said it raised its long-termcorporate credit rating on U.S. radio broadcaster Radio One Inc.to 'B-' from 'CCC+'. The rating outlook is stable. "The 'B-'rating and stable outlook reflect S&P's view that theproposed transaction will improve Radio One's financialflexibility by eliminating near-term refinancing risk andincreasing headroom under financial covenants," said Standard &Poor's credit analyst Michael Altberg. "Going forward, S&Pbelieves the company's increased ownership in TV One LLC, agrowing African American-targeted cable TV network, providesadditional diversity to Radio One's business profile and access toa more stable revenue stream."

REAL MEX: Completes Sale to Bondholders, Exits Chapter 11---------------------------------------------------------Real Mex Restaurants Inc. has closed its sale to a group ofbondholders and made its way out of Chapter 11.

About Real Mex

Based in Cypress, California, Real Mex Restaurants, Inc., owns andoperates restaurants, primarily through its major subsidiaries ElTorito Restaurants, Inc., Chevys Restaurants, LLC, and AcapulcoRestaurants, Inc. It has 178 restaurants, with 149 in California.There are also 30 franchised locations. It acquired Chevys Inc.for $90 million through confirmation of Chevy's Chapter 11 plan in2004.

"The downgrade follows Reddy Ice's filing with the SEC for a delayin filing its Form 10-K annual report for the year ended Dec. 31,2011, as well as news that the company is currently in activediscussions with various stakeholders regarding alternatives tomodify its capital structure and reduce its leverage. Reddy Icehas indicated this could include a prepackaged bankruptcy, eventhough it is currently in compliance with its credit agreement andnote indentures. Reddy Ice also announced that it had amended itsexisting credit facility to eliminate the minimum liquiditycovenant through July 15, 2013, and permit the company to obtainadditional liquidity through a term loan of up to $10 million, butno less than $8 million," S&P said.

"While there has been limited information available since its 2011third quarter results, we now consider the company's liquidity tobe weak and its leverage to be high," said Standard & Poor'scredit analyst Jean Stout.

"If Reddy Ice files for bankruptcy or a similar action, includingthe potential for a distressed debt exchange, or misses aninterest or principal payment, we will lower the corporate creditand issue-level ratings to 'D'," S&P said.

To the best of the Debtor's knowledge, the firm does not representany interests which are adverse to the estate and that the firm isa "disinterested person" within the meaning of the BankruptcyCode.

About Reid Park Properties

Reid Park Properties LLC is the owner of the Doubletree HotelTucson located in South Alernon Way in Tucson, Arizona. The nine-story property has 287 rooms. It was purchased for $31.8 millionin 2007 by an affiliate of Transwest Properties Inc.

Reid Park filed a Chapter 11 petition (Bankr. D. Ariz. Case No.11-15267) on May 26, 2011. According to its bankruptcy petition,Reid Park has $52 million in liabilities and $14 million inassets. The Law Offices of Eric Slocum Sparks, P.C., serves asits legal counsel.

The U.S. Trustee Christopher Pattock said that an officialcommittee of unsecured creditors has not been appointed because aninsufficient number of persons holding unsecured claims againstthe Debtor have expressed interest in serving on a committee.

REID PARK: Wants to Expand Employment of Doris Parker-----------------------------------------------------Reid Park Properties, LLC, seeks permission from the BankruptcyCourt to expand the scope of employment of Doris Parker ofCreative Hospitality Investment Consultants. The Debtorpreviously retained Ms. Parker as an expert witness on the issueof management fees and now wishes to retain Ms. Parker as anexpert witness on the feasibility of the Debtor's Plan and otherconfirmation issues at the confirmation hearing currentlyscheduled for April 3 and 4, 2012.

About Reid Park Properties

Reid Park Properties LLC is the owner of the Doubletree HotelTucson located in South Alernon Way in Tucson, Arizona. The nine-story property has 287 rooms. It was purchased for $31.8 millionin 2007 by an affiliate of Transwest Properties Inc.

Reid Park filed a Chapter 11 petition (Bankr. D. Ariz. Case No.11-15267) on May 26, 2011. According to its bankruptcy petition,Reid Park has $52 million in liabilities and $14 million inassets. The Law Offices of Eric Slocum Sparks, P.C., serves asits legal counsel.

The U.S. Trustee Christopher Pattock said that an officialcommittee of unsecured creditors has not been appointed because aninsufficient number of persons holding unsecured claims againstthe Debtor have expressed interest in serving on a committee.

As reported by the TCR on March 2, 2012, the Debtor's Plan is anew value Plan which will require the infusion of monies into theReorganized Debtor through capital contributions made by a newparticipating investor. A portion of the new monies will be usedto make improvements and repairs to the the Doubletree Hotellocated in Tucson, Arizona, which will in turn allow the Debtor tobecome more profitable and increase its competitive edge overother properties in the area. After the payment of certainexpenses made pursuant to the Plan, the Debtor will create acapital reserve that will be held by the Debtor and used forcapital items, and improvements, including PIP improvements orunexpected repairs at the hotel. The Debtor will also fund a debtservice reserve to pay debt service. Working capital will bemaintained by the Debtor. These reserves will ensure that theReorganized Debtor is able to meet its obligations in the event ofa decrease in revenue.

The hearing to consider the confirmation of the Plan was scheduledto start April 3, 2012, at 10:00 a.m. and continuing on April 4,2012, at 10:00 a.m., if necessary, before the Honorable Eileen W.Hollowell.

About Reid Park Properties

Reid Park Properties LLC is the owner of the Doubletree HotelTucson located in South Alernon Way in Tucson, Arizona. The nine-story property has 287 rooms. It was purchased for $31.8 millionin 2007 by an affiliate of Transwest Properties Inc.

Reid Park filed a Chapter 11 petition (Bankr. D. Ariz. Case No.11-15267) on May 26, 2011. According to its bankruptcy petition,Reid Park has $52 million in liabilities and $14 million inassets. The Law Offices of Eric Slocum Sparks, P.C., serves asits legal counsel.

The U.S. Trustee Christopher Pattock said that an officialcommittee of unsecured creditors has not been appointed because aninsufficient number of persons holding unsecured claims againstthe Debtor have expressed interest in serving on a committee.

Ernst & Young LLP, in Vancouver, Canada, expressed substantialdoubt about Response Biomedical's ability to continue as a goingconcern. The independent auditors noted of the Company'srecurring losses from operations.

The Company reported a net loss of C$5.4 million on C$9.0 millionof revenue for 2011, compared with a net loss of C$10.1 million onC$6.8 million of revenue for 2010.

The Company's balance sheet at Dec. 31, 2011, showedC$20.9 million in total assets, C$15.9 million in totalliabilities, and stockholders' equity of C$5.0 million.

REXNORD LLC: S&P Raises Corp. Credit Rating to 'B+'; Off Watch--------------------------------------------------------------Standard & Poor's Ratings Services raised its ratings, includingthe corporate credit rating to 'B+' from 'B', on Rexnord LLC. Atthe same time, the ratings came off CreditWatch, where they hadbeen placed them with positive implications on March 20, 2012.

"The company has indicated that it would use a portion of proceedsto redeem $300 million in subordinated notes, which willaccelerate credit measure improvement to levels consistent withthe current 'aggressive' financial risk profile designation. Thecompany's 'fair' business risk profile mitigates its 'aggressive'financial risk profile," S&P said.

The outlook is stable. Standard & Poor's expects Rexnord toimprove its credit measures by increasing profits and by repayingdebt with IPO proceeds. This should result in metrics commensuratewith the 'B+' rating within the next year.

ROOMSTORE INC: Plans to Close Remaining Stores in Texas-------------------------------------------------------Dow Jones' DBR Small Cap reports that RoomStore Inc. wants tolaunch a second round of store-closing sales, this time zeroing inon its Dallas-area locations as it continues its campaign to trimaway the underperforming pockets of its business.

Maria Halkias at DallasNews, citing papers filed with the Court,reports that RoomStore is planning to close the rest of its Texasstores as it continues to restructure under Chapter 11 bankruptcyprotection.

The report relates the company asked for an auction to be held onApril 9. It wants to sell all furniture inventory as well asfixtures and equipment. If the Texas exit is approved, theRoomStore would be left with 27 stores: 10 each in Maryland andVirginia , five in North Carolina and two in South Carolina.

The Company has already closed 15 stores in Texas as part of itsreorganization.

About RoomStore Inc.

Richmond, Virginia-based RoomStore, Inc., operates retailfurniture stores and offers home furnishings throughFurniture.com, a provider of Internet-based sales opportunitiesfor regional furniture retailers. The Company owns 65% ofMattress Discounters Group LLC, which operates 83 mattress stores(as of Aug. 31, 2011) in the states of Delaware, Maryland andVirginia and in the District of Columbia.

RoomStore was founded in 1992 in Dallas, Texas, with four retailfurniture stores. With more than $300 million in net sales forits fiscal year ending 2010, RoomStore is one of the 30 largestfurniture retailers in the United States.

RoomStore filed for Chapter 11 bankruptcy (Bankr. E.D. Va. CaseNo. 11-37790) on Dec. 12, 2011, following store-closing sales atfour of its retail stores, located in Hoover, Alabama;Fayetteville, North Carolina; Tallahassee, Florida; and Baltimore,Maryland. When it filed for bankruptcy, the Company operated achain of 64 retail furniture stores, including both large-formatstores and clearance centers in eight states: Pennsylvania,Maryland, Virginia, North Carolina, South Carolina, Florida,Alabama, and Texas. It also had five warehouses and distributioncenters located in Maryland, North Carolina, and Texas thatservice the Retail Stores.

The Company's balance sheet at Aug. 31, 2011, showed $70.4 millionin total assets, $60.3 million in total liabilities, andstockholders' equity of $10.1 million. The petition was signed byStephen Girodano, president and chief executive officer.

The U.S. Trustee for Region 4 named seven members to the officialcommittee of unsecured creditors in the case.

ROSETTA RESOURCES: Moody's Reviews 'B2' CFR/PDR for Upgrade-----------------------------------------------------------Moody's Investors Service placed Rosetta Resources Inc.'sCorporate Family Rating (CFR), Probability of Default Rating(PDR), and senior note ratings on review for upgrade. Rosetta isone of a number of companies identified by Moody's as being wellpositioned to benefit from sustained high oil prices.

With 49% of its production comprised of oil and natural gasliquids, Rosetta is well-positioned to enjoy robust cash flowgeneration for at least the next few years based on Moody'sexpectation for a sustained high oil price environment. Inaddition, the review considers Rosetta's declining leverage,inceasing scale, strengthening full cycle metrics, and moreestablished track record in the Eagle Ford.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a two notchupgrade.

The principal methodology used in rating Rosetta Resources Inc.was the Global Independent Exploration and Production IndustryMethodology published in December 2011 Other methodologies usedinclude Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.

Rosetta Resources Inc. is an independent exploration andproduction company headquartered in Houston, TX.

RUBICON FINANCIAL: Weaver Martin Raises Going Concern Doubt-----------------------------------------------------------Rubicon Financial Incorporated reported a net loss of $2.0 millionon $15.3 million of revenue for 2011, compared with a net loss of$1.7 million on $14.3 million of revenue for 2010.

Irvine, Calif.-based Rubicon Financial Incorporated is a financialservices holding company. The Company operates primarily throughNewport Coast Securities, Inc., a fully-disclosed broker-dealer,which does business as Newport Coast Asset Management as aregistered investment advisor and dual registrant with theSecurities and Exchange Commission and Newport Coast Securitiesinsurance general agency.

SAAB AUTOMOBILE: Ally Fin'l Gets Right to Sell 900 Cars in U.S.---------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Ally Financial wona bankruptcy court duel for the right to sell 950 Saabs, the lastof the distinguished line to arrive on U.S. shores.

As reported in the TCR early March, Ally argued at a court hearingthat SCNA guaranteed the debt of its parent, Saab Automobile AB,and asked U.S. Bankruptcy Judge Christopher S. Sontchi to lift theautomatic stay in the case so it could liquidate the vehicles.The cars have a book value of $32 million.

The dealers want the vehicle inventory and the parts business tobe sold, free of liens from Ally Financial Inc. and CaterpillarInc., and "to have an appropriate forum to address the claims ofthe dealers," Leonard A. Bellavia said in an e-mail to BloombergNews.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedishcar maker Saab Automobile AB. Saab Cars N.A. named in December anoutside administrator, McTevia & Associates, to run the company aspart of a plan to avoid immediate liquidation following its parentcompany's bankruptcy filing.

SANDRIDGE ENERGY: Moody's Reviews 'B2' CFR/PDR for Upgrade----------------------------------------------------------Moody's Investors Service placed SandRidge Energy Inc.'s B2Corporate Family Rating (CFR), Probability of Default Rating(PDR), and senior note ratings on review for upgrade. Moody's alsoassigned a B3 rating to the company's new $750 million seniornotes. SandRidge is one of a number of companies identified byMoody's as being well positioned to benefit from recent industrytechnological advances and sustained high oil prices.

Ratings Rationale

Because of recent technological advances, SandRidge is expected toshow rapid reserve and production growth over the next few years,primarily in their Horizontal Mississippian play in Oklahoma andKansas. With nearly 50% of its production comprised of oil andnatural gas liquids, SandRidge is well-positioned to enjoy robustcash flow generation for at least the next few years based onMoody's expectation for a sustained high oil price environment.The recently announced acquisition of Dynamic Offshore Resources,LLC (Dynamic) for $1.275 billion will add additional oilproduction to their production stream.

Pro forma for the Dynamic acquisition, which be funded with $600million of equity and the proceeds from the new $750 million ofnotes, Moody's expects modest improvement in leverage metrics.Debt to average daily production is expected to drop from $50,000per Boe at year end 2011 to $44,000 per Boe while debt to proveddeveloped reserves remains flat at just under $14 per Boe.Retained cash flow to debt and unleveraged cash margin shouldimprove slightly as well. However, Dynamic adds greater risk tothe company's reserve profile with its operations based in theshallow waters of the Gulf of Mexico (GoM), a new core area ofoperations for SandRidge. Operations in the GoM are consideredhigher risk due to their capital intensity, shorter reserve life,and greater exposure to weather-related risks such as Hurricanes.

After the new senior notes and the Dynamic acquisition close,SandRidge will have good liquidity with an unused $1B creditfacility that was recently extended until March 2017. The companyappears to have plenty of cushion to be able to comply with itscovenants over the next 12 months.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to one notch.

The principal methodology used in rating SandRidge Energy, Inc.was the Global Independent Exploration and Production IndustryMethodology published in December 2011. Other methodologies usedinclude Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.

SandRidge Energy, Inc. is a mid-sized independent oil and gasexploration and production company headquartered in Oklahoma City,Oklahoma. In 2011, SandRidge produced 23.4 million Boe and at yearend, the company had proved reserves of 471 million Boe.

SANDRIDGE ENERGY: S&P Raises Corporate Credit Rating to 'B'-----------------------------------------------------------Standard & Poor's Ratings Services revised its recovery rating onSandRidge Energy Inc.'s senior unsecured notes to '4' from '5',indicating its expectation of average (30% to 50%) recovery in theevent of a default. "At the same time, we raised our ratings onthese notes to 'B' (the same as the corporate credit rating)from 'B-'," S&P said.

"In addition, we assigned our 'B' issue rating to SandRidge'splanned $750 million senior unsecured note offering due 2022. Therecovery rating is '4'. The company expects to use proceeds fromthe transaction primarily to fund the cash portion of itsacquisition of oil and gas producer Dynamic Offshore ResourcesLLC. Following the announced note offering, we expect Sandridge tohave approximately $3.6 billion of funded debt outstanding," S&Psaid.

SEARCHMEDIA HOLDINGS: Linden Does Not Own Ordinary Shares---------------------------------------------------------In an amended Schedule 13D filing with the U.S. Securities andExchange Commission, Linden Capital LP and its affiliatesdisclosed that, as of Feb. 23, 2012, they do not beneficially ownany ordinary shares of SearchMedia Holdings Limited. A copy ofthe filing is available for free at http://is.gd/Nq4e79

About SearchMedia

SearchMedia is a leading nationwide multi-platform media companyand one of the largest operators of integrated outdoor billboardand in-elevator advertising networks in China. SearchMediaoperates a network of high-impact billboards and one of China'slargest networks of in-elevator advertisement panels in 50 citiesthroughout China. Additionally, SearchMedia operates a network oflarge-format light boxes in concourses of eleven major subwaylines in Shanghai. SearchMedia's core outdoor billboard and in-elevator platforms are complemented by its subway advertisingplatform, which together enable it to provide a multi-platform,"one-stop shop" services for its local, national and internationaladvertising clients.

Marcum Bernstein & Pinchuk LLP, in New York, expressed substantialdoubt about SearchMedia Holdings' ability to continue as a goingconcern. The independent auditors noted that the Company hassuffered recurring net losses from operations and has a workingcapital deficiency.

The Company reported a net loss of $46.6 million on $49.0 millionof revenues for 2010, compared with a net loss of $22.6 million on$37.7 million of revenues for 2009.

SEARS HOLDINGS: Loses Marketing Chief as Exec Turnover Continues----------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Sears HoldingsCorp. has lost another high level executive, this time themarketing chief for its namesake stores.

About Sears

Hoffman Estates, Illinois-based Sears Holdings Corporation(Nasdaq: SHLD) -- http://www.searsholdings.com/-- is the nation's fourth largest broadline retailer with more than 4,000 full-lineand specialty retail stores in the United States and Canada.Sears Holdings operates through its subsidiaries, including Sears,Roebuck and Co. and Kmart Corporation. Sears Holdings also owns a94% stake in Sears Canada and an 80.1% stake in Orchard SupplyHardware. Key proprietary brands include Kenmore, Craftsman andDieHard, and a broad apparel offering, including such well-knownlabels as Lands' End, Jaclyn Smith and Joe Boxer, as well as theApostrophe and Covington brands. It also has the Country Livingcollection, which is offered by Sears and Kmart.

Standard & Poor's Ratings Services in January 2012 lowered itscorporate credit rating on Hoffman Estates, Ill.-based SearsHoldings Corp. to 'CCC+' from 'B'. "We removed the rating fromCreditWatch, where we had placed it with negative implications onDec. 28, 2011. We are also lowering the short-term and commercialpaper rating to 'C' from 'B-2'. The rating outlook is negative,"S&P said.

"The corporate credit rating reflects our projection that Sears'EBITDA will be negative in 2012, given our expectations forcontinued sales and margin pressure," said Standard & Poor'scredit analyst Ana Lai. She added, "We further expect thatliquidity could be constrained in 2013 absent a turnaroundor substantial asset sales to fund operating losses."

Moody's Investors Service in January 2012 lowered Sears HoldingsFamily and Probability of Default Ratings to B3 from B1.The outlook remains negative. At the same time Moody's affirmedSears' Speculative Grade Liquidity Rating at SGL-2.

SEARS HOLDINGS: Seeks Offers for Lands' End, Works to Raise Cash----------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Sears HoldingsCorp. has been shopping its Lands' End clothing division toprivate-equity firms, people familiar with the matter said, as theretail giant aims to raise cash.

About Sears Holdings

Hoffman Estates, Illinois-based Sears Holdings Corporation(Nasdaq: SHLD) -- http://www.searsholdings.com/-- is the nation's fourth largest broadline retailer with more than 4,000 full-lineand specialty retail stores in the United States and Canada.Sears Holdings operates through its subsidiaries, including Sears,Roebuck and Co. and Kmart Corporation. Sears Holdings also owns a94% stake in Sears Canada and an 80.1% stake in Orchard SupplyHardware. Key proprietary brands include Kenmore, Craftsman andDieHard, and a broad apparel offering, including such well-knownlabels as Lands' End, Jaclyn Smith and Joe Boxer, as well as theApostrophe and Covington brands. It also has the Country Livingcollection, which is offered by Sears and Kmart.

Standard & Poor's Ratings Services in January 2012 lowered itscorporate credit rating on Hoffman Estates, Ill.-based SearsHoldings Corp. to 'CCC+' from 'B'. "We removed the rating fromCreditWatch, where we had placed it with negative implications onDec. 28, 2011. We are also lowering the short-term and commercialpaper rating to 'C' from 'B-2'. The rating outlook is negative,"S&P said.

"The corporate credit rating reflects our projection that Sears'EBITDA will be negative in 2012, given our expectations forcontinued sales and margin pressure," said Standard & Poor'scredit analyst Ana Lai. She added, "We further expect thatliquidity could be constrained in 2013 absent a turnaroundor substantial asset sales to fund operating losses."

Moody's Investors Service in January 2012 lowered Sears HoldingsFamily and Probability of Default Ratings to B3 from B1.The outlook remains negative. At the same time Moody's affirmedSears' Speculative Grade Liquidity Rating at SGL-2.

Houston, Texas-based Seahawk Drilling, Inc., engaged in a jackuprig business in the United States, Gulf of Mexico, and offshoreMexico. It offered rigs and drilling crews on a day ratecontractual basis. The Company and several affiliates filed forChapter 11 bankruptcy protection (Bankr. S.D. Tex. Lead Case No.11-20089) on Feb. 11, 2011. Berry D. Spears, Esq., and JonathanC. Bolton, Esq., at Fullbright & Jaworkski L.L.P., in Houston,served as the Debtors' bankruptcy counsel. Shelby A. Jordan,Esq., and Nathaniel Peter Holzer, Esq. at Jordan, Hyden, Womble,Culbreth & Holzer, P.C., in Corpus Christi, Texas, served as theDebtors' co-counsel. Alvarez and Marsal North America, LLC, actedas the Debtors' restructuring advisor. Simmons & CompanyInternational served as the Debtors' transaction advisor.Kurtzman Carson Consultants LLC served as the Debtors' claimsagent. Judy A. Robbins, U.S. Trustee for Region 7, appointedthree creditors to serve on an Official Committee of UnsecuredCreditors. Heller, Draper, Hayden, Patrick & Horn, L.L.C.,represented the creditors committee.

In its amended schedules, Seahawk Drilling disclosed $208,190,199in assets and $438,458,460 in liabilities as of the petition date.

Seahawk filed for Chapter 11 protection to complete the sale ofall assets to Hercules Offshore, Inc. As reported by the TroubledCompany Reporter on April 11, 2011, the Bankruptcy Court approvedan Asset Purchase Agreement between Hercules Offshore and itswholly owned subsidiary, SD Drilling LLC, and Seahawk Drilling,pursuant to which Seahawk agreed to sell to Hercules, and Herculesagreed to acquire from Seahawk, all 20 of Sellers' jackup rigs andrelated assets, accounts receivable and cash and certainliabilities of Sellers in a transaction pursuant to Section 363 ofthe U.S. Bankruptcy Code. The deal was valued at about $176million when it received court approval. The purchase price forthe acquisition was funded by the issuance of roughly 22.3 millionshares of Hercules Offshore common stock and cash consideration of$25 million, which was used primarily to pay off Seahawk's DIPloan. The number of shares of Hercules Offshore common stock tobe issued was to be proportionally reduced at closing, based on afixed price of $3.36 per share, if the outstanding amount of theDIP loan exceeds $25 million, with the total cash considerationnot to exceed $45 million. The deal closed on April 27, 2011.

The SEC sued over the collapse of Sentinel Management Group, aninvestment advisor registered with the SEC and a futurescommission merchant registered with the Commodity Futures TradingCommission. Mr. Bloom was the President and Chief ExecutiveOfficer of Sentinel for nearly 20 years and controlled thecompany's day-to-day operations. Mr. Bloom also served asSentinel's Chief Compliance Officer from January 2006 throughAugust 2007 and was responsible for reviewing Sentinel's policiesto ensure its compliance with federal, state, and internalregulations. Mr. Mosley was Sentinel's Vice President, HeadTrader, and Portfolio Manager for about five years and wasresponsible for supervising Sentinel's investing and tradingactivities.

With nearly 50% of its production comprised of oil and natural gasliquids, Sheridan is well-positioned to enjoy robust cash flowgeneration for at least the next few years based on Moody'sexpectation for a sustained high oil price environment. Based onthe asset base and the acquire and exploit strategy followed bySheridan, capital expenditure requirements are very modest, sofree cash flow before distributions is very high. With anunleveraged cash margin of over $40 per Boe, Sheridan has theability to withstand significant price volatility and thefinancial flexibility to reduce debt quickly by suspendingdistributions to its owners.

The ratings review is expected to be concluded over the next threemonths and will incorporate the impact of the most recent propertyacquisitions and the placement of all of the equity commitmentsfor Fund I. Any change in ratings will likely be limited to onenotch.

The principal methodology used in rating Sheridan was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Sheridan is a small oil and gas property investment companyheadquartered in Houston, Texas. The company acquires primarilyproducing oil and gas properties, extending their life throughworkovers, limited development drilling, and by implementingoperational efficiency programs. Daily production averages about20 thousand Boe per day.

SIGNATURE GROUP: Shares of Stock Move to OTCQX----------------------------------------------Signature Group Holdings, Inc. disclosed that the shares of itsstock have moved to the top tier of the OTC Market, the OTCQX. Asstated on the OTC Markets website, this tier of the OTC isreserved for companies that meet the highest financial standardsand undergo a qualitative review. Investor-focused companies usethe quality-controlled OTCQX platform to offer investorstransparent trading, superior information, and easy access throughtheir regulated U.S. broker-dealers.

Craig Noell, Chief Executive Officer, commented, "This move is theculmination of our efforts to bring the Company current with itsperiodic SEC reporting requirements. Last week, Signaturecompleted a 21 month process of remediating the Company's SECreporting delinquencies with a timely filing of our annual reporton form 10k with the SEC. This is the first time the Company hasmade a timely filing of this report since the filing of the 200510k. I am pleased with our efforts in these areas and our move tothe OTCQX."

Signature Group Holdings, Inc. --http://www.signaturegroupholdings.com/-- is a diversified business and financial services enterprise with principalactivities in industrial distribution and special situations debt.Signature has significant capital resources and is activelyseeking acquisitions as well as growth opportunities for itsexisting businesses. The Company was formerly a $9 billion inassets industrial bank and financial services business thatreorganized during a two year bankruptcy period. Thereorganization provided for Signature to maintain Federal netoperating loss tax carryforwards in excess of $850 million.

Fremont General emerged from bankruptcy and filed Amended andRestated Articles of Incorporation with the Secretary of State ofNevada on June 11, 2010, which, among other things, changed theDebtor's name to Signature Group Holdings, Inc.

Signature's plan of reorganization became effective on June 11,2010. The name change also took effect as of that date.

SKINNY NUTRITIONAL: Delays Form 10-K for 2011---------------------------------------------Skinny Nutritional Corp. filed a report with the U.S. Securitiesand Exchange Commission for a 15-day extension for filing itsAnnual Report on Form 10-K for the period ended Dec. 31, 2011.The Company will not be in position to file its Form 10-K by theprescribed filing date without unreasonable effort or expense dueto the delay it experienced in completing its financial statementsfor the period ended Dec. 31, 2011. This has resulted in a delayby the Company in obtaining the completed audit of those financialstatements by its independent registered public accounting firm.Therefore, the Company's management is unable to finalize thefinancial statements and prepare its discussion and analysis insufficient time to file the Form 10-K by the prescribed filingdate. The Company anticipates that it will file its Form 10-K nolater than fifteenth calendar day following the prescribed filingdate.

About Skinny Nutritional

Bala Cynwyd, Pa.-based Skinny Nutritional Corp. (OTC BB: SKNY.OB)-- http://www.SkinnyWater.com/-- has developed and is marketing a line of enhanced waters, all branded with the name "Skinny Water"that are marketed and distributed primarily to calorie and weightconscious consumers.

The Company reported a net loss of $6.91 million in 2010, comparedwith a net loss of $7.30 million in 2009. The Company alsoreported a net loss of $5.86 million for the nine months endedSept. 30, 2011.

The Company's balance sheet at Sept. 30, 2011, showed $3.22million in total assets, $3.58 million in total liabilities, allcurrent, and a $366,271 stockholders' deficit.

As reported by the TCR on April 25, 2011, Marcum, LLP, in BalaCynwyd, Pennsylvania, expressed substantial doubt about theCompany's ability to continue as a going concern, following the2010 financial results. The independent auditors noted that theCompany had a working capital deficiency of $3,517,280, anaccumulated deficit of $37,827,090, stockholders' deficit of$2,658,043 and no cash on hand. The Company had net losses of$6,914,269 and $7,305,831 for the years ended Dec. 31, 2010 and2009, respectively. Additionally, the Company is currently inarrears under its obligation for the purchase of trademarks.Under the agreement, the seller of the trademarks may choose toexercise their legal rights against the Company's assets, whichincludes the trademarks.

SOLAR TRUST OF AMERICA: Files for Chapter 11 in Delaware--------------------------------------------------------Solar Trust of America LLC and its affiliates filed for Chapter 11protection (Bankr. D. Del. Lead Case No. 12-11136) on April 2,2012.

Solar Trust is a joint venture created by Solar Millennium AG andFerrostaal AG to develop solar projects at locations in Californiaand Nevada. Located in the "Solar Sun Belt" of the AmericanSouthwest, the project sites have extremely high solar radiationlevels, and allow the Debtors' projects to harness high levels ofsolar power generation. Projects include the rights to developone of the world's largest permitted solar plant facilities withcapacity of 1,000 MW in Blythe, California. Two other projectscontemplated 500 MW solar power facilities in Desert Center,California and Amargosa Valley, Nevada.

Although the Debtors have obtained highly valuable transmissionright and permits, each project is only in the developmental phaseand does not generate revenue for the Debtors. Ferrostaal ceasedproviding funding two years ago and SMAG, due to its owndeteriorating financial condition, stopped providing funding afterDecember 2011.

Previous Sale Process Fails

SMAG initiated insolvency proceedings in Germany in December.Since that time, SMAG has been under control of a Germaninsolvency administrator, Voker Boehm.

The German Administrator arranged a sale of SEMAG's equityinterests in the Debtors to solarhybrid AG. The sale wasscheduled to close mid-February 2012 but SHAG was unable toconsummate the sale due to its own deteriorating financingcondition. SHAG attributed its woes to the recent decision by theGerman government to reduce certain subsidies for solar energyproduction. SHAG sought insolvency protection in Germany in March2012.

The Debtors said that, due to a lack of funding, their cash isinsufficient to cover major obligations, prompting the Chapter 11filing. The Debtors failed to pay the first two quarterly rentpayments due April 1, 2012, to the Bureau of Land Management. TheDebtors are also required to post security postings in the firstweek of April.

NextEra Energy Resources LLC has committed to provide apostpetition secured credit facility and has expressed an interestin serving as stalking horse purchaser for certain of the Debtors'assets.

Attorneys at Young Conaway Stargatt & Taylor, LLP, serve ascounsel to the Debtors.

SOLYNDRA LLC: Requests More Time to File Chapter 11 Plan--------------------------------------------------------Amanda Bransford at Bankruptcy Law360 reports that Solyndra LLC onThursday asked a Delaware bankruptcy court for more time to file aChapter 11 reorganization plan because of its daunting $900million debt and inability to find a turnkey buyer to take overits assets.

About Solyndra LLC

Founded in 2005, Solyndra LLC was a U.S. manufacturer of solarphotovoltaic solar power systems specifically designed for largecommercial and industrial rooftops and for certain shadedagriculture applications. The Company had 968 full time employeesand 211 temporary employees. Solyndra has sold more than 500,000of its panels since 2008 and generated cumulative sales of over$250 million.

Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed sevenunsecured creditors to serve on the Official Committee ofUnsecured Creditors of Solyndra LLC. The Committee has tappedBlank Rome LLP as counsel.

Solyndra is at least the fourth solar company to seek courtprotection from creditors since August 2011. Other solar firmsare Evergreen Solar and start-up Spectrawatt Inc., both of whichfiled in August, and Stirling Energy Systems Inc., which filed forChapter 7 bankruptcy late in September.

Solyndra owed secured lenders $783.8 million, including$527.8 million to the U.S. government pursuant to a federal loanguarantee, and held assets valued at $859 million as of thePetition date. The U.S. Federal Financing Bank, owned by the U.S.Treasury Department, is the Company's biggest lender.

When they filed for Chapter 11, the Debtors pursued a two-prongedstrategy to effectuate either a sale of their business to a"turnkey" buyer who may acquire substantially all of Solyndra'sassets or, if the Debtors were unable to identify any potentialbuyers, an orderly liquidation of the assets for the benefit oftheir creditors.

Solyndra did not receive acceptable offers to buy the business asa going concern. Solyndra began piecemeal auctions of the assetson Feb. 22, 2012. It has auctioned non-core assets and obtained$6.2 million. Solyndra also took in $1.86 million from the saleof miscellaneous equipment.

Solyndra LLC retained the exclusive right for filing a Chapter 11plan until April 3.

SP Newsprint Holdings LLC is a newsprint company controlled bypolo-playing mogul Peter Brant. It is one of the largestproducers of newsprint in North America. SP RecyclingCorporation, a Georgia corporation and the Debtors' otheroperating company, was established in 1980 as a means for SP tosecure a ready supply of recycled fiber, a key raw material forits newsprint.

The Official Committee of Unsecured Creditors is represented byLowenstein Sandler PC. Ashby & Geddes, P.A., serves as itsDelaware counsel, and BDO Consulting serves as its financialadvisor.

SP NEWSPRINT: Creditors Seek Docs on Mgt Fees to Insider Co.------------------------------------------------------------Lance Duroni at Bankruptcy Law360 reports that SP NewsprintHoldings LLC's unsecured creditors asked for court permissionThursday to investigate $25 million of management fees and otherpayments the company made before its bankruptcy to a separate firmrun by SP Newsprint insiders.

In a motion filed in Delaware bankruptcy court, the officialcommittee of unsecured creditors demanded documents and testimonyfrom Brant Industries Inc., which shares the same set of topexecutives as SP Newsprint -- including CEO Peter M. Brant.

SP Newsprint Holdings LLC is a newsprint company controlled bypolo-playing mogul Peter Brant. It is one of the largestproducers of newsprint in North America. SP RecyclingCorporation, a Georgia corporation and the Debtors' otheroperating company, was established in 1980 as a means for SP tosecure a ready supply of recycled fiber, a key raw material forits newsprint.

The Official Committee of Unsecured Creditors is represented byLowenstein Sandler PC. Ashby & Geddes, P.A., serves as itsDelaware counsel, and BDO Consulting serves as its financialadvisor.

SPANISH BROADCASTING: Reports $23.7 Million Net Income in 2011--------------------------------------------------------------Spanish Broadcasting System, Inc., filed with the U.S. Securitiesand Exchange Commission its annual report on Form 10-K disclosingnet income of $23.70 million on $140.98 million of net revenue in2011, compared with net income of $15.04 million on $136.12million of net revenue in 2010.

The Company reported net income of $6.15 million on $38.17 millionof net revenue for the three months ended Dec. 31, 2011, comparedwith net income of $3.36 million on $34.88 million of net revenuefor the same period a year ago.

The Company's balance sheet at Dec. 31, 2011, showed $501.51million in total assets, $443.77 million in total liabilities,$92.34 million in cumulative exchangeable redeemable preferredstock and a $34.61 million total stockholders' deficit.

"We made significant progress during 2011 in executing our planand advancing our financial performance," commented Raul AlarcĒn,Jr., Chairman and CEO. "Our results reflect the improvingadvertising climate and the strength of our diversified mediaassets in reaching the fast-growing Hispanic audience. We haveimproved the cash generation of our business considerably througha disciplined approach to cost management, even as we havecontinued to strategically invest in building our brands,expanding our content and supporting our digital platform. Giventhe positioning of our assets in the nation's largest Hispanicmarkets and the ongoing robust growth of the Spanish speakingpopulation, we remain very optimistic about our long-term outlookgiven the increasing need for advertisers to reach our audience."

Headquartered in Coconut Grove, Florida, Spanish BroadcastingSystem, Inc. -- http://www.spanishbroadcasting.com/-- owns and operates 21 radio stations targeting the Hispanic audience. TheCompany also owns and operates Mega TV, a television operationwith over-the-air, cable and satellite distribution and affiliatesthroughout the U.S. and Puerto Rico. Its revenue for the twelvemonths ended Sept. 30, 2010, was approximately $140 million.

* * *

In November 2010, Moody's Investors Service upgraded the corporatefamily and probability of default ratings for Spanish BroadcastingSystem, Inc., to 'Caa1' from 'Caa3' based on improved free cashflow prospects due to better than anticipated cost cutting and theexpiration of an unprofitable interest rate swap agreement.Moody's said Spanish Broadcasting's 'Caa1' corporate family ratingincorporates its weak capital structure, operational pressure inthe still cyclically weak economic climate, generally narrowgrowth prospects (though Spanish language is the strongest growthprospect) given the maturity and competitive pressures in theradio industry, and the June 2012 maturity of its term loanmagnify this challenge.

Law360 relates that Debtor attorney Gregory Gordon of Jones Daysaid at a court hearing that the company and its parent, RPMInternational Inc., could not reach a consensus with a committeerepresenting asbestos personal injury claimants on the overallsize of the company's liability and how to fund the trust.

About Specialty Products

Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,Inc., is a wholly owned subsidiary of RPM International Inc. TheCompany is the holding company parent of Bondex International,Inc., and the direct or indirect parent of certain additionaldomestic and foreign subsidiaries. The Company claims to be aleading manufacturer, distributor and seller of various specialtychemical product lines, including exterior insulating finishingsystems, powder coatings, fluorescent colorants and pigments,cleaning and protection products, fuel additives, wood treatmentsand coatings and sealants, in both the industrial and consumermarkets.

Springleaf was incorporated in Indiana in 1927 as successor to abusiness started in 1920. From Aug. 29, 2001, until thecompletion of its sale in November 2010, Springleaf was anindirect wholly owned subsidiary of AIG. The consumer financeproducts of Springleaf and its subsidiaries include non-conformingreal estate mortgages, consumer loans, retail sales finance andcredit-related insurance.

* * *

The Troubled Company Reporter said on Feb. 8, 2012, that Standard& Poor's Ratings Services lowered its issuer credit rating onSpringleaf Finance Corp. and its issue credit rating on thecompany's senior unsecured debt to 'CCC' from 'B'. Standard &Poor's also said it lowered its issue credit ratings onSpringfield's senior secured debt to 'CCC+' from 'B+' and on thecompany's preferred debt to 'CC' from 'CCC-'. The outlook onSpringleaf's issuer credit rating is negative.

"Springleaf's announcement that it will shut down about 60branches and stop lending in 14 states highlights the operating,funding, and liquidity challenges that the firm faces as it worksto pay down the $2 billion of debt coming due in 2012 and toestablish a stable long-term funding strategy. The downgrade alsoreflects the company's poor earnings, exposure to weak residentialmarkets and uncertainty about its ability to refinance debt orsecuritize assets over the coming year. We believe that shouldits funding or securitization options become unavailable, thecompany will not have enough liquidity to survive 2012, and inthat case a distressed debt exchange would be likely. The companyhas retained financial advisors to assess its options," S&P said.

As reported by the Troubled Company Reporter on Sept. 9, 2011,Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) andunsecured debt ratings on Springleaf Finance, Inc. (Springleaf)and affiliates to 'CCC' from 'B-'.

The downgrade of Springleaf's IDR was driven by Fitch's continuedconcerns regarding the company's lack of meaningful liquidity andfunding flexibility, as $2 billion of unsecured debt matures in2012. Minimal progress has been made in implementing a long-termfunding plan since the acquisition by Fortress Investment GroupLLC (Fortress) in November 2010; therefore, barring meaningfulaccess to the securitization market over the next several months,Springleaf may have insufficient flexibility to address its near-term debt maturities.

"The recovery rating on the senior secured credit facility remainsat '4' and the senior secured issue-level issue-level ratingremains at 'B+', the same as the corporate credit rating. The '4'recovery rating indicates our expectation of average (30% to 50%)recovery of principal in the event of default. This action comesas the company is in the process of adding $100 million of termloan borrowings to fund its acquisition of Sunflower FarmersMarkets Inc.," S&P said

"We expect the acquisition and financing to close within the nexttwo months," said Standard & Poor's credit analyst Charles Pinson-Rose. "However, if the transaction does not close for any reason,we do not expect that to affect our ratings."

"The outlook is stable, reflecting our expectation that theintegration of the Sunflower stores will be successful and thatthe company's operations will continue to benefit from healthysales growth from its store expansion strategy and good executionof its merchandising strategy. Although we are forecastingmeaningful profit growth, we do not expect credit ratioimprovement such that we would consider a positive rating action.Still, we would do so if leverage were in the low-4x area, whichwould entail growth well beyond our base case, which could occurin about two years with 60% EBITDA growth and $30 million debtreduction. We do not view an upgrade as likely in the near term,"S&P said.

"Conversely, we could lower the ratings if Sprouts is unable toreduce debt leverage to the high-5x due to weaker-than-expectedoperating performance from failed store expansion, competitivepressure, or an inability to realize cost synergies. This wouldoccur if EBITDA only grew 15% in 2012," S&P said.

STANADYNE HOLDINGS: Widens Loss to $32.5 Million in 2011--------------------------------------------------------Stanadyne Holdings, Inc., reported a net loss of $32.50 million on$245.76 million of net sales in 2011. The Company previouslyreported a net loss of $9.98 million on $250.59 million of netsales in 2010, following a net loss of $23.70 million on $185.84million of net sales in 2009.

The Company's balance sheet at Dec. 31, 2011, showed $367.46million in total assets, $414.10 million in total liabilities,$686,000 in redeemable non-controlling interest, and a $47.32million total stockholders' deficit.

A copy of the Form 10-K filed with the Securities and ExchangeCommission is available for free at:

In January 2011, Moody's Investors Service confirmed StanadyneHoldings, Inc.'s Caa1 Corporate Family Rating and revised therating outlook to stable. The CFR confirmation reflects theremediation of the Stanadyne's previous inability to filefinancial statements in accordance with financial reportingrequirements contained in its debt agreements and expectations formodest continued improvement in operating performance. Improvedoperations, largely the result of positive momentum in key endmarkets and restructuring activities, have allowed Stanadyne tomaintain positive funds from operations despite increased cashinterest expense. The company's $100 million 12% senior discountnotes began paying cash interest in February 2010.

In March 2012, Standard & Poor's Ratings Services revised itslong-term outlook to negative from stable on Windsor, Conn.-basedStanadyne Corp. At the same time, Standard & Poor's affirmed itsratings, including the 'CCC+' corporate credit rating, onStanadyne.

"The outlook revision reflects the risk that Stanadyne may not beable to service debt obligations of its parent, Stanadyne HoldingsInc. as early as August 2012," said Standard & Poor's creditanalyst Dan Picciotto.

"The rating affirmation and outlook revision reflects thecompany's improved operating performance and our assessment thatsteel markets will slowly--and likely unevenly--improve during thenext couple of years," said Standard & Poor's credit analyst MarieShmaruk. "This assessment reflects our view that the generaleconomy will slowly expand over that time, but some key steelsectors, notable commercial construction, will continue to lag. In2011, EBITDA was about $825 million, debt to EBITDA 3x, and fundsfrom operations to total debt above 20%--levels we consider to bein line with the rating."

"For 2012, we expect Steel Dynamic's performance to be consistentwith 2011, reflecting our expectation that choppy steel marketswill limit significant improvement in the near term. This shouldresult in EBITDA of around $800 million and operating cash flow of$400 million to $500 million. The rating also reflects ourexpectation that the company will repay at least a portionof its $444 million of debt maturing in 2012 with excess balancesheet cash, resulting in better credit metrics. We expect that,even with modest debt retirement, debt to EBITDA should fall below3x and FFO rise above 25%. We believe these levels would be goodfor the current rating, and more in line with a higher rating,given what we consider to be the company's 'satisfactory' businessrisk profile. Therefore, an upgrade could result from combinationof continued strengthening of credit measures and demonstratedmanagement commitment to the higher rating," S&P said.

"The rating reflects our assessment of the company's business riskprofile as 'satisfactory' and financial risk profile as'significant'. The company operates in the highly competitive,volatile, and cyclical steel industry, which remains vulnerable toeconomic weakness. It has traditionally spent heavily onsignificant spending on capital projects and for potentialacquisitions and has a history of shareholder-friendlyinitiatives. The ratings also reflect the company's low-costposition, flexible operations, and product diversity," S&P said.

"The rating outlook is positive, reflecting our expectations thatSteel Dynamics operating performance will continue to improve assteel industry conditions strengthen in tandem with theimprovement in the general economy. This should allow the companyto maintain debt to EBITDA below 3x and FFO to total debt around30%," S&P said.

"We could raise the corporate credit rating to 'BBB-' if creditmetrics are sustained at these levels," Ms. Shmaruk continued. "Anupgrade would also be predicated on our expectation thatmanagement will be committed to maintaining a financial policy inline with an investment-grade rating and pursue any investments orgrowth opportunities in a manner that would be consistent withthe higher rating. We would also expect that significant ortransformational investments or acquisitions would be partiallyfunded with equity and that, for any acquisitions for which thecompany added debt, credit metrics will remain in a relativelynarrow range close to investment-grade levels until deleveragingcould occur."

"We could revise the outlook back to stable if the U.S. economicrecovery falters or steel industry conditions weaken due toincreased imports causing credit metrics to deteriorate fromcurrent levels with leverage exceeding 3.5x on a sustained basis."

"At the same time, we assigned our 'B' issue-level rating to thecompany's senior secured credit facilities, which consist of a$160 million first-lien term loan due 2018 and a $20 millionrevolving credit facility due 2017. The recovery rating is '3',which indicates our expectation for lenders to receive meaningful(50% to 70%) recovery in the event of a payment default," S&Psaid.

"Pro forma for the acquisition, we calculate the ratio of adjustedtotal debt to EBITDA at 4.5x, EBITDA coverage of interest at 3.1x,and funds from operations (FFO) to total debt in the low double-digits. We forecast the ratio of adjusted total debt to EBITDAwill decline to below 4x, EBITDA coverage of interest willincrease to the high-3x area, and FFO to total debt will increaseto the mid-teens by fiscal year-end 2012," S&P said.

"We believe meaningful credit ratio improvement would only betemporary, given the company's aggressive growth strategy and theinvolvement of a financial sponsor in the company's ownershipstructure," said Ms. Phelps. "The company has acquired threesmaller companies in the employment and background screeningservices industry in the past two years. Potential acquisitionsare plentiful."

"The stable outlook reflects our view that credit ratios willgradually improve from profit growth, but will remain consistentwith an aggressive financial risk profile. It also reflects ourexpectation that the company's business risk profile will remainvulnerable, based on its narrow business focus in a highlyfragmented industry with intense pricing pressure and low customerswitching costs," S&P said.

STOCKTON, CA: Muni Insurers, Calpers Join Pre-Bankruptcy Talks--------------------------------------------------------------Juan Carlos Rodriguez at Bankruptcy Law360 reports that WellsFargo Bank NA, the California Public Employees' Retirement Systemand 16 other creditors have agreed to try to help the financiallystruggling Stockton, Calif., stave off bankruptcy, the city saidWednesday.

Stockton, buckling under the weight of retiree health insuranceobligations, large bond sales, big labor contracts, loss ofrevenue and poor financial practices, is taking advantage of a newCalifornia law that lets municipalities in financial distressconfidentially mediate with creditors or "interested parties" with$5 million or more in obligations or debt, Law360 relates.

As reported in the Troubled Company Reporter on March 14, 2012,Stockton, California, was sued by the indenture trustee afterfailing to make a payment of about $780,000 due Feb. 25 on $32.8million in parking garage revenue bonds. The city council voted inFebruary to default on about $2 million in bond payments as aprelude under state law for conducting workout negotiations withbondholders.

Stone's significant oil production (approximately 50% in thefourth quarter of 2011) and its ability to sell oil at a premiumto WTI from its production facilities in the Gulf of Mexico willproduce strong cash flows and credit metrics over the next fewyears.

Additionally, Stone with its substantial unconventional resourceexposure in the Marcellus Shale is positioned to take advantage ofthe advanced horizontal drilling and hydraulic fracturingtechnology and lower its finding and development costs, improverisked return on investment, and enjoy significant reserve andproduction growth.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to a onenotch upgrade.

The principal methodology used in rating Stone was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Stone Energy Corporation, headquartered in Lafayette, Louisiana,is an independent E&P company with primary properties located inthe conventional shelf of the GOM, the deep shelf of the GOM, thedeepwater of the GOM, and the Marcellus Shale in the Appalachia.

SWIFT ENERGY: Moody's Reviews 'B2' CFR/PDR for Upgrade------------------------------------------------------Moody's Investors Service placed Swift Energy Company's B2Corporate Family Rating (CFR),its B2 Probability of Default Rating(PDR), and B3 senior notes ratings on review for upgrade. Swift isone of a number of companies identified by Moody's as being wellpositioned to benefit from sustained high oil prices.

Ratings Rationale

With 50% of its production comprised of oil and natural gasliquids, Swift is well-positioned to enjoy improved cash flowgeneration for at least the next few years based on Moody'sexpectation for a sustained high oil price environment. Moreover,as Swift has reconfigured its development focus around the liquidsrich Eagle Ford shale and the Olmos formation in South Texas, ithas also generated a 2011 production increase of 26% to 28,800 boeper day, and has guided a further increase to roughly 34,000 boeper day of production for 2012. It's year-end proved reservesincreased 20% to 160 million boe, but remain weighted to naturalgas at 64% of the total.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to one notch.

The principal methodology used in rating Swift was the GlobalIndependent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Swift is a mid-sized independent E&P company headquartered inHouston, Texas.

TEXAS STUDENT: S&P Lowers Rating on Series 2001A Bonds to 'B'-------------------------------------------------------------Standard & Poor's Ratings Services lowered its long-term rating to'B' from 'BB-' on Texas Student Housing Corp. (TSHC), Texas'series 2001A bonds, issued for the University of North TexasProject in Denton. The outlook is stable.

"The lowered rating reflects our view that the project's cashflows continue to weaken, leading to the project being unable toachieve the covenanted 1.25x coverage or repayment of thesubordinate series 2001B bonds, which are not rated by Standard &Poor's and are in default," said Standard & Poor's credit analystBianca Gaytan-Burrell. "The weakened cash flows have also resultedin continued draws on the debt service reserve fund, which isexpected to continue in 2012 and are not expected to bereplenished," Ms. Gaytan-Burrell added.

In addition, during the past two years, new housing complexesopened proximal to the Denton campus, thus increasing competitionand potentially affecting future occupancy rates.

TRAILER BRIDGE: Terminates Registration of Company's Common Stock-----------------------------------------------------------------Trailer Bridge, Inc., has filed with the U.S. Securities andExchange Commission a Form 15 certification and notice oftermination of registration under Section 12(g) of the SecuritiesExchange Act of 1934 or suspension of duty to file reports underSections 13 and 15(d) of the Securities Exchange Act of 1934.Said certification/ notice covers the Company's Common Stock, parvalue $0.01 per share.

Headquartered in Jacksonville, Florida, Trailer Bridge, Inc. --http://www.trailerbridge.com/-- provides integrated trucking and marine freight service to and from all points in the lower 48states and Puerto Rico and Dominican Republic. This totaltransportation system utilizes its own trucks, drivers, trailers,containers and U.S. flag vessels to link the mainland with PuertoRico via marine facilities in Jacksonville, San Juan and PuertoPlata.

On Dec. 6, 2011, the U.S. Trustee appointed an Official Committeeof Unsecured Creditors in the Debtor's case.

As reported in the TCR on March 30, 2012, Trailer Bridge Inc. hasemerged from Chapter 11 with Seacor Holdings as its new majorityowner.

Judge Jerry Funk in the U.S. Bankruptcy Court for the MiddleDistrict of Florida in Jacksonville confirmed the company'sreorganization plan last week. Under the terms of the plan,Seacor and fellow bondholders Whippoorwill Associates and EdgeAsset Management get a $65 million debt instrument and 91% of areorganized Trailer Bridge. Seacor, Whippoorwill and Edgeprovided $31 million in exit financing, court papers said.

The reorganization plan also allows secured creditors to be paid95% to 100% of their claims in cash while holders of common stockget 9% of new stock.

Pursuant to the Company's Second Amended Plan of Reorganizationdated March 14, 2012, on the effective date of the Plan all sharesof the Company's common stock and all outstanding options andwarrants to purchase common stock will be canceled. As a result,the Company has terminated the Stock Incentive and Non-EmployeeDirector Stock Incentive Plans. Accordingly, pursuant to theCompany's undertakings in Part II of the Registration Statementsto remove from registration, by means of a post-effectiveamendment, any securities that had been registered for issuancebut remain unsold at the termination of the offering, the Companyhereby removes from registration all shares of common stockregistered but unsold under the Registration Statements as ofMarch 30, 2012.

Headquartered in Jacksonville, Florida, Trailer Bridge, Inc. --http://www.trailerbridge.com/-- provides integrated trucking and marine freight service to and from all points in the lower 48states and Puerto Rico and Dominican Republic. This totaltransportation system utilizes its own trucks, drivers, trailers,containers and U.S. flag vessels to link the mainland with PuertoRico via marine facilities in Jacksonville, San Juan and PuertoPlata.

On Dec. 6, 2011, the U.S. Trustee appointed an Official Committeeof Unsecured Creditors in the Debtor's case.

As reported in the TCR on March 30, 2012, Trailer Bridge Inc. hasemerged from Chapter 11 with Seacor Holdings as its new majorityowner.

Judge Jerry Funk in the U.S. Bankruptcy Court for the MiddleDistrict of Florida in Jacksonville confirmed the company'sreorganization plan last week. Under the terms of the plan,Seacor and fellow bondholders Whippoorwill Associates and EdgeAsset Management get a $65 million debt instrument and 91% of areorganized Trailer Bridge. Seacor, Whippoorwill and Edgeprovided $31 million in exit financing, court papers said.

The reorganization plan also allows secured creditors to be paid95% to 100% of their claims in cash while holders of common stockget 9% of new stock.

According to DIRECTV's press statement, in another case of runawayWall Street greed, some of America's wealthiest hedge funds andinvestment banks, including Oaktree Partners, Angelo Gordon, JPMorgan Chase, Bank of America and Citibank, forced Tribune'ssenior management to renege on an agreement that would have keptDIRECTV customers connected to their local programming. Theiractions represent a brazen attempt to extract yet another bailouton the backs of innocent viewers.

'Two days prior to expiration of the existing carriagearrangement, the parties reached an agreement in principle forcontinued carriage,' the complaint reads. 'The following day,however, Tribune reneged on that agreement. Tribune laterconfirmed that its management had been overruled by the hedge fundand investment bank creditors.

'DIRECTV negotiated with Tribune for months, only learning on thevery eve of expiration that it had never been dealing with anyonewho had the authority required under the [FCC] rules. Indeed,DIRECTV still does not know with whom it should be speaking --Tribune's CEO or its associated hedge funds and investment banks,'the complaint continues.

After entering bankruptcy in December 2008, Tribune sought FCCapproval to transfer its broadcast licenses to a new entity thatwill eventually emerge in Tribune's reorganization. Three ofTribune's largest creditors -- JP Morgan Chase Bank; Angelo,Gordon & Co. and Oaktree Partners -- will control 30 percent ofthe voting and equity interests, Tribune explained. But the FCChas yet to rule on those transfers. That means those same hedgefunds and investment banks currently lack authority over Tribunebroadcast operations.

The result is millions of everyday viewers are forced to sufferwith the mess Tribune made of its operations leading intobankruptcy, and to make matters worse, now allowing America'swealthiest hedge funds and investment banks to take advantage ofinnocent viewers.

Tribune Remains Committed to Settlement

Tribune issued the statement regarding its negotiations withDirecTV and the filing with the FCC:

"For months, Tribune and DirecTV have been negotiating a complex,multi-year contract for the carriage of our local televisionstations and WGN America. The contract is complex, in part,because it covers 23 local television stations with varyingprogramming in 19 different markets, large and small, as well asour national cable network, WGN America. Over the course of anynegotiation, parties may agree in principle on some terms anddisagree on others, but it takes closure on all terms by bothparties to reach an agreement. We never reached agreement withDirecTV on all the terms of the contract -- not in principle, notby handshake and not on paper. We didn't have an agreement onThursday, March 29, and we do not have an agreement now.

"Our most recent filing with the FCC regarding Tribune'santicipated emergence from bankruptcy was merely to provide thecommission with data it would need to evaluate followingconfirmation of a restructuring plan. Our hope was to shorten thetime between confirmation of our plan and emergence from Chapter11. Any intimation that our broadcast licenses have beenprematurely transferred is simply false and misleading.

"Claims of 'bad faith' and 'outrageous conduct' are nothing morethan negotiating tactics in an attempt to unfairly disadvantageTribune from receiving fair market compensation from DirecTV forcarriage of Tribune's local television stations and WGN America.Tribune seeks an agreement with DirecTV that is similar to thoseDirecTV already has in place with hundreds of other contentproviders.

"Finally, Tribune management, with the full support of its Boardof Directors, remains firmly committed to an expeditiousnegotiation with DirecTV for the carriage of our local stationsand WGN America in order to continue our long-standing history ofpublic service."

About DIRECTV

DIRECTV DTV is a provider of digital television entertainmentservices delivering a premium video experience through state-of-the-art technology, unmatched programming and industry leadingcustomer service to 32 million customers in the U.S. and LatinAmerica.

The Company and 110 of its affiliates filed for Chapter 11protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,2008. The Debtors proposed Sidley Austin LLP as their counsel;Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;Lazard Ltd. and Alvarez & Marsal North America LLC as financialadvisors; and Epiq Bankruptcy Solutions LLC as claims agent. Asof Dec. 8, 2008, the Debtors have $7,604,195,000 in total assetsand $12,972,541,148 in total debts. Chadbourne & Parke LLP andLandis Rath LLP serve as co-counsel to the Official Committee ofUnsecured Creditors. AlixPartners LLP is the Committee'sfinancial advisor. Landis Rath Moelis & Company serves as theCommittee's investment banker. Thomas G. Macauley, Esq., atZuckerman Spaeder LLP, in Wilmington, Delaware, represents theCommittee in connection with the lawsuit filed against formerofficers and shareholders for the 2007 LBO of Tribune.

Protracted negotiations and mediation efforts and numerousproposed plans of reorganization filed by Tribune Co. andcompeting creditor groups have delayed Tribune's emergence frombankruptcy. Many of the disputes among creditors center on the2007 leveraged buyout fraudulence conveyance claims, theresolution of which is a key issue in the bankruptcy case. Thebankruptcy court has scheduled a May 16 hearing on Tribune's plan.

Tribune CRO Don Liebentritt said it is possible the media companycould emerge late in the third quarter of 2012.

TRIBUNE CO: Removal Period Extended to June 30----------------------------------------------Bankruptcy Judge Kevin Carey extended to June 30, 2012, TribuneCo. and its affiliates' time to file notices of removal of claimsand causes of action relating to the Chapter 11 cases. The Courtentered the order after a certification of no objection wasserved.

The Company and 110 of its affiliates filed for Chapter 11protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,2008. The Debtors proposed Sidley Austin LLP as their counsel;Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;Lazard Ltd. and Alvarez & Marsal North America LLC as financialadvisors; and Epiq Bankruptcy Solutions LLC as claims agent. Asof Dec. 8, 2008, the Debtors have $7,604,195,000 in total assetsand $12,972,541,148 in total debts. Chadbourne & Parke LLP andLandis Rath LLP serve as co-counsel to the Official Committee ofUnsecured Creditors. AlixPartners LLP is the Committee'sfinancial advisor. Landis Rath Moelis & Company serves as theCommittee's investment banker. Thomas G. Macauley, Esq., atZuckerman Spaeder LLP, in Wilmington, Delaware, represents theCommittee in connection with the lawsuit filed against formerofficers and shareholders for the 2007 LBO of Tribune.

Protracted negotiations and mediation efforts and numerousproposed plans of reorganization filed by Tribune Co. andcompeting creditor groups have delayed Tribune's emergence frombankruptcy. Many of the disputes among creditors center on the2007 leveraged buyout fraudulence conveyance claims, theresolution of which is a key issue in the bankruptcy case. Thebankruptcy court has scheduled a May 16 hearing on Tribune's plan.

Tribune CRO Don Liebentritt said it is possible the media companycould emerge late in the third quarter of 2012.

TRIBUNE CO: Accord With Maryland Comptroller Approved-----------------------------------------------------Tribune Co. affiliates Baltimore Sun Company and Los Angeles TimesInternational, Ltd., won bankruptcy court permission to enter intoa settlement agreement with the Maryland Comptroller of theTreasury to resolve disputes concerning corporate income taxesthat the Comptroller asserts the Debtors owe for the 2000 to 2007tax years.

The Comptroller is deemed to have withdrawn a notice of finaldetermination of tax liabilities as to LATI in its entirety andabate any remaining portion of the Final Notice against BaltimoreSun.

The Debtors' claims agent is authorized to modify the Debtors'claims register to reflect that Claim No. 2257 asserted by theComptroller against "Patuxent Publishing Company T/A; BaltimoreSun Co." is property asserted against Baltimore Sun as anunsecured priority claim for $6,355,300.

The Court entered the ruling after a certification of noobjection was filed.

The Company and 110 of its affiliates filed for Chapter 11protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,2008. The Debtors proposed Sidley Austin LLP as their counsel;Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;Lazard Ltd. and Alvarez & Marsal North America LLC as financialadvisors; and Epiq Bankruptcy Solutions LLC as claims agent. Asof Dec. 8, 2008, the Debtors have $7,604,195,000 in total assetsand $12,972,541,148 in total debts. Chadbourne & Parke LLP andLandis Rath LLP serve as co-counsel to the Official Committee ofUnsecured Creditors. AlixPartners LLP is the Committee'sfinancial advisor. Landis Rath Moelis & Company serves as theCommittee's investment banker. Thomas G. Macauley, Esq., atZuckerman Spaeder LLP, in Wilmington, Delaware, represents theCommittee in connection with the lawsuit filed against formerofficers and shareholders for the 2007 LBO of Tribune.

Protracted negotiations and mediation efforts and numerousproposed plans of reorganization filed by Tribune Co. andcompeting creditor groups have delayed Tribune's emergence frombankruptcy. Many of the disputes among creditors center on the2007 leveraged buyout fraudulence conveyance claims, theresolution of which is a key issue in the bankruptcy case. Thebankruptcy court has scheduled a May 16 hearing on Tribune's plan.

Tribune CRO Don Liebentritt said it is possible the media companycould emerge late in the third quarter of 2012.

TRIBUNE CO: ERISA Suit Dismissed After Settlement-------------------------------------------------The U.S. Bankruptcy Court for the District of Delaware dismissedthe adversary action initiated by Tribune Co. and its affiliatesagainst Dan Neil, Corie Brown, Henry Weinstein, Walter Roche, Jr.,Myron Levin, and Julie Makinen, individuals, on behalf ofthemselves and on behalf of all others similarly situated. TheCourt entered the ruling after a certification of no objection wasfiled.

On October 19, 2011, the Bankruptcy Court approved thecomprehensive settlement of certain claims, causes of action, andrelated matters arising from alleged violations of the EmployeeRetirement Income Security Act in connection with the TribuneEmployee Stock Ownership Plan and the Tribune Employee StockOwnership Trust that had been asserted by the Department ofLabor, GreatBanc Trust Company, and the plaintiffs in the classaction lawsuit styled Neil, et al. v. Zell, et al.

The U.S. District Court for the Northern District of Illinois,which presides over the Neil Action, approved the SettlementAgreement, on a final basis, on January 30, 2012. As a result ofthe entry of the final order, the Neil Action was dismissed andthe final precondition to the effectiveness of the SettlementAgreement was satisfied.

The Settlement Agreement provides, in relevant part, thatfollowing entry of the final order and judgment of dismissal bythe District Court, Tribune Company will dismiss the NeilAdversary Proceeding before the Bankruptcy Court.

Tribune believes that the dismissal of the Neil AdversaryProceeding at this time is appropriate and justified.

The Company and 110 of its affiliates filed for Chapter 11protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,2008. The Debtors proposed Sidley Austin LLP as their counsel;Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;Lazard Ltd. and Alvarez & Marsal North America LLC as financialadvisors; and Epiq Bankruptcy Solutions LLC as claims agent. Asof Dec. 8, 2008, the Debtors have $7,604,195,000 in total assetsand $12,972,541,148 in total debts. Chadbourne & Parke LLP andLandis Rath LLP serve as co-counsel to the Official Committee ofUnsecured Creditors. AlixPartners LLP is the Committee'sfinancial advisor. Landis Rath Moelis & Company serves as theCommittee's investment banker. Thomas G. Macauley, Esq., atZuckerman Spaeder LLP, in Wilmington, Delaware, represents theCommittee in connection with the lawsuit filed against formerofficers and shareholders for the 2007 LBO of Tribune.

Protracted negotiations and mediation efforts and numerousproposed plans of reorganization filed by Tribune Co. andcompeting creditor groups have delayed Tribune's emergence frombankruptcy. Many of the disputes among creditors center on the2007 leveraged buyout fraudulence conveyance claims, theresolution of which is a key issue in the bankruptcy case. Thebankruptcy court has scheduled a May 16 hearing on Tribune's plan.

Tribune CRO Don Liebentritt said it is possible the media companycould emerge late in the third quarter of 2012.

TRIDENT MICROSYSTEMS: Sigma Designs Selected to Purchase Business-----------------------------------------------------------------Sigma Designs(R), Inc. has been selected as the successful bidderto acquire certain assets of Trident Microsystems, Inc.'s DigitalTelevision (DTV) Business, which includes certain products,licensed intellectual property, software, working capital assetsand leased facilities, for $21 million in cash plus assumption ofspecified liabilities upon the closing of the transaction. Thefinal cash purchase price remains subject to an adjustment for theclosing current asset balance of the DTV Business to the extentthe closing current assets differ from a target current assets.

The selection of Sigma Designs as the successful bidder followsthe conclusion of the auction process for the DTV Business and isnow subject to approval of the United States Bankruptcy Court forthe District of Delaware (the "Bankruptcy Court") presiding overthe bankruptcy proceedings of Trident Microsystems, Inc., andcertain affiliated entities and other customary closingconditions. The Bankruptcy Court hearing to authorize the sale ofthe DTV Business to Sigma is expected to be held on April 4, 2012.

"Sigma Designs' acquisition of the DTV business assets of TridentMicrosystems represents a significant step forward in ourcompany's long term strategy of being the industry's leadingprovider of advanced SoC solutions for converged media platforms,"said Thinh Tran, Sigma Designs' Chairman and CEO. "With thistransaction, we will increase our revenue scale, expand ourproduct offerings, and will have the ability to leverage ourcombined operational resources and OEM relationships across someof the largest high growth connected media delivery markets. Weare focused on successfully growing the DTV Business and ourexisting business and believe the outcome of this transaction willprovide long-term benefits to our customers, employees andshareholders."

Trident's DTV Business is a leading provider of global System-on-a-Chip (SoC) products for advanced connected digital televisions.Based on an extensive history of product innovation andfoundational intellectual property, these assets are uniquelypositioned to drive SmartTV growth by enabling their tier-1 OEMcustomers to develop next-generation devices that allow consumersto enjoy all forms of multimedia content, including bothtraditional broadcast television and video from emerging Internetcontent providers.

Sigma expects to make employment offers to approximately 300employees of the Trident DTV Business, most of whom are engineerslocated in China.

The transaction is expected to close in the second calendarquarter of 2012, and generate positive non-GAAP EBITDA in thefirst full year of operations.

About Trident Microsystems

Sunnyvale, California-based Trident Microsystems, Inc., designs,develops, and markets integrated circuits and related software forprocessing, displaying, and transmitting high quality audio,graphics, and images in home consumer electronics applicationssuch as digital TVs, PC-TV, and analog TVs, and set-top boxes.The Company has research and development facilities in Beijing andShanghai, China; Freiburg, Germany; Eindhoven and Nijmegen, TheNetherlands; Belfast, United Kingdom; Bangalore and Hyderabad,India; Austin, Texas; and Sunnyvale, California. The Company hassales offices in Seoul, South Korea; Tokyo, Japan; Hong Kong andShenzhen, China; Taipei, Taiwan; San Diego, California; Mumbai,India; and Suresnes, France. The Company also has operationsfacilities in Taipei and Kaoshiung, Taiwan; and Hong Kong, China.

Trident had $309,992,980 in assets and $39,607,591 in liabilitiesas of Oct. 31, 2011. The petition was signed by David L.Teichmann, executive VP, general counsel & corporate secretary.

The Official Committee of Unsecured Creditors of TridentMicrosystems, Inc., et al., tapped Pachulski Stang Ziehl & JonesLLP as its counsel, and Imperial Capital, LLC, as its investmentbanker and financial advisor.

The Debtors sold to Entropic Communications Inc. their set-top boxbusiness for $65 million. Entropic came out on top after a 15-hour court-sanctioned auction. The opening bid at auction hadbeen $55 million.

The ratings upgrade reflects improvements in Town Sports'operating performance that have translated into a strengthening ofits credit profile. Debt to EBITDA decreased to 4.8 times in 2011from 5.2 times in 2010. The upgrade also reflects Moody's opinionthat debt to EBITDA will reach 4.5 times near-term based oncontinued earnings momentum and mandatory debt reduction in theform of the excess cash flow sweep.

$292 million senior secured term loan due 2018 to Ba3 (LGD2, 23%) from B1 (LGD2, 24%)

Ratings Rationale

The upgrade also reflects the increase in Town Sports' membershipcount of approximately 6% to 523,000 as of December 31, 2011relative to the same period in 2010, providing a base for futurerevenue increases. After reporting a string of negative clubcomparables throughout 2009 and 2010, comparable club revenueswere positive for each of the last three quarters of 2011. Moody'sexpects comparable club revenues in the low single-digits over thenext year. Free cash flow generation has also improved, owing tohigher earnings and only a small number of new club openings(implying modest investment in discretionary capitalexpenditures).

The upgrade of the SGL-1 speculative grade liquidity ratingreflects Moody's expectation that Town Sports will maintain a verygood liquidity profile near-term, supported by positive free cashflow generation and ample room under the financial covenantsgoverning the credit agreement.

Town Sports' B1 corporate family rating is constrained by its highfinancial leverage, modest interest coverage with EBITDA lesscapex to interest below 2.0 times, modest scale, and exposure todiscretionary consumer spending trends. In addition, operatingperformance is strongly tied to the economic health of the Mid-Atlantic and Northeast markets it serves, more specifically theNew York City metro. The rating is supported by the company'sbusiness position as a large-scale fitness club operator, a largeand growing membership base, and favorable long-term fundamentalsfor the fitness industry.

The stable outlook reflects Moody's expectation that operatingperformance will continue to improve over the next year and thatfree cash flow will remain positive due to modest discretionarycapital spending.

A ratings upgrade is unlikely in the near term given Town Sportssize and limited geographic diversification. Over the medium term,a substantial expansion of the revenue base and geographicdiversification accompanied by significantly stronger creditmetrics could lead to an upgrade.

The ratings could be downgraded if there is pressure onprofitability such that debt to EBITDA is sustained above 5.0times, EBITDA less capex coverage of interest expense falls to 1.2times (excluding discretionary spending), and/or liquiditymaterially weakens.

The principal methodology used in rating Town Sports InternationalHoldings, Inc. was the Global Business & Consumer Service IndustryMethodology published in October 2010. Other methodologies usedinclude Loss Given Default for Speculative-Grade Non-FinancialCompanies in the U.S., Canada and EMEA published in June 2009.

Town Sports International Holdings, Inc., through its wholly ownedoperating subsidiary Town Sports International, LLC, is one of theleading owners and operators of fitness clubs in the Northeast andMid-Atlantic regions of the United States. Revenue for the fiscal-year ended December 31, 2011 was $467 million.

Unit's three-way exposure to the oil and gas industry through itsupstream, drilling and midstream segments, will enhance its creditprofile over the next several years. The company's rapidly growingoil and NGL production (55% year-over-year growth in 2011) shouldproduce strong operating cash flows, and further strengthen itsleverage metrics and liquidity through 2013.

Unit's drilling segment also stands to benefit from the heightenedactivity level in the North American unconventional plays. Thecompany believes that approximately 98% of its rigs are currentlydrilling horizontal or directional wells, and roughly 98% aredrilling for oil and NGLs.

Additionally, Unit is investing aggressively to expand itsmidstream business which should thrive because of the increasingneed for gathering, processing and takeaway infrastructure in manyunderdeveloped shale plays.

The ratings review is expected to be concluded over the next threemonths. Any change in ratings will likely be limited to a onenotch upgrade.

The principal methodology used in rating Unit Corporation was theGlobal Independent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

Unit Corporation, headquartered in Tulsa, Oklahoma, is adiversified energy company engaged in the exploration andproduction of oil and gas, onshore contract drilling, andgathering and processing activities. Operations are principallylocated in the Mid-Continent region, including the Anadarko,Arkoma, Permian, Rocky Mountains and Gulf Coast Basins.

USG CORP: Prices 7.875% Senior Notes Due 2020---------------------------------------------USG Corporation announced the pricing of a private offering of$250 million aggregate principal amount of its 7.875% senior notesdue 2020. The New Notes will be the unsecured obligations of USG.USG's obligations under the New Notes will be guaranteed on asenior unsecured basis by certain of its domestic subsidiaries.The New Notes will be sold to investors at a price of 99.279% ofthe principal amount of the New Notes, plus accrued interest fromApril 12, 2012, if any. The offering of the New Notes is expectedto close on or about April 12, 2012.

USG intends to use all or a portion of the net proceeds from thesale of the New Notes to repurchase its outstanding 9.75% SeniorNotes due 2014 that are tendered pursuant to the cash tender offerthat USG commenced on March 14, 2012, and to pay all related costsand expenses. As of March 27, 2012, approximately $117.9 millionprincipal amount of the outstanding 2014 Notes had been validlytendered in the tender offer. The consummation of the offering ofthe New Notes will satisfy the financing condition for the tenderoffer, which the Company expects to complete in connection withthe closing of the offering of the New Notes. After repurchasing2014 Notes pursuant to the tender offer, USG intends to use anyremaining net proceeds from the sale of the New Notes for workingcapital and other general corporate purposes, which may includethe repurchase or other acquisition of 2014 Notes or USG's otheroutstanding indebtedness through open market purchases, privatelynegotiated transactions, redemptions, other tender offers orotherwise.

The New Notes will be offered and sold only to qualifiedinstitutional buyers in accordance with Rule 144A under theSecurities Act of 1933, as amended, and to non-U.S. persons inaccordance with Regulation S under the Securities Act. Whenissued, the New Notes will not have been registered under theSecurities Act or state securities laws and may not be offered orsold in the United States absent registration or an applicableexemption from the registration requirements of the Securities Actand applicable state securities laws.

About USG Corporation

Based in Chicago, Ill., USG Corporation -- http://www.usg.com/-- through its subsidiaries, manufactures and distributes buildingmaterials producing a wide range of products for use in newresidential, new nonresidential and repair and remodelconstruction, as well as products used in certain industrialprocesses.

The company filed for Chapter 11 protection on June 25, 2001(Bankr. Del. Case No. 01-02094). When the Debtors filed forprotection from their creditors, they disclosed $3,252,000,000 inassets and $2,739,000,000 in debts. The Debtors emerged frombankruptcy protection on June 20, 2006.

The Company reported a net loss of $390 million in 2011 and a netloss of $405 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $3.71 billionin total assets, $3.56 billion in total liabilities and $156million in total stockholders' equity.

"The downgrade reflects our expectation that USG's operatingresults and cash flow are likely to be strained over the next yeardue to the ongoing depressed level of housing starts and still-weak commercial construction activity," said Standard & Poor'scredit analyst Thomas Nadramia. "It is now more likely, inour view, that any meaningful recovery in housing starts may bedeferred until late 2012 or into 2013. As a result, the risk thatUSG's liquidity in the next 12 to 24 months will continue to erode(and be less than we incorporated into our prior ratings) hasincreased. The ratings previously incorporated a greaterimprovement in housing starts, which would have enabled USG toreduce its negative operating cash flow in 2012 and achievebreakeven cash flow or better by 2013."

The ratings downgrade and the Negative Outlook reflect Fitch'sbelief that underlying demand for the company's products willremain weak through at least 2012 and the company's liquidityposition is likely to deteriorate in the next 18 months. With therecent softening in the economy and lowered economic growthexpectations for 2011 and 2012, the environment may at bestsupport a relatively modest recovery in housing metrics over thenext year and a half. Fitch had previously forecast a slightlymore robust housing environment in 2011 and 2012. Moreover, newcommercial construction is expected to decline further this yearand may only grow moderately next year.

"The issue-level rating on the senior secured notes will remain'B-' (the same as the corporate credit rating) following theproposed $775 million tack-on to its existing $1.225 billion 11.5%notes due 2015. The recovery rating is '3' indicating ourexpectation of meaningful (50% to 70%) recovery in the event of apayment default," S&P said.

"The notes will be issued by Offshore Group Investment Ltd., whichis a wholly owned subsidiary of Vantage (Vantage guarantees thenotes). Vantage is using the add-on notes to fund the purchase andremaining constructing payments associated with the Dragonquestdrillship, which will be delivered in April and is likely to startits eight-year contract with Petrobras by September 2012," S&Psaid.

"We are also revising the outlook because we expect that Vantage'sperformance will benefit from strengthening contract renewal dayrates for high-specification drillships and jackup rigs. Bid rateshave improved, to the mid-$500,000 to low-$600,000 range for newand highly sophisticated drillships and to approximately $160,000for high spec jackups. This bodes well for the Tungsten Explorerdrillship, which is currently being constructed and scheduled tobegin operations in mid-2013 (we expect a contract announcementlater this year). Most of its jackup fleet is contracted through2012, meaning that 2013 contracts should benefit from theimproving day rate trend," S&P said.

"The ratings on Houston-based offshore drilling company VantageDrilling Co. (Vantage) reflect the company's aggressive debtleverage, less-than-adequate liquidity, and participation in thehighly cyclical and competitive offshore contract drillingindustry. The ratings also reflect Vantage's relativelyyoung and technologically sophisticated fleet and its decentbacklog, especially from its drillships," S&P said.

"We consider Vantage's financial risk to be 'highly leveraged'.Pro forma debt as of Dec. 31, 2011 was very high at $2.1 billion(including Standard & Poor's adjustments for operating leases andaccrued interest), resulting in aggressive pro forma leverage ofmore than 6x assuming a full-year of operation from theDragonquest. To forecast its credit protection measures, wehave used relatively conservative assumptions, including a$550,000 day rate for the Tungsten Explorer drillship and jackupday rates that average approximately $145,000. We have alsoassumed 90% utilization on its vessels and operating andmaintenance expense on its drillship and jackups that average 40%and 55% of revenues, respectively. The Dragonquest is scheduled tobegin operating for Petrobras in September at a day rate ofapproximately $550,000 inclusive of bonuses. At this rate, andassuming at least 95% utilization and a 60% to 70% EBITDA margin,we project that the Dragonquest could contribute between $130million and $150 million of EBITDA annually. Under theseassumptions, we project that Vantage will generate more than $400million of annual EBITDA, corresponding to adjusted leverage inthe mid to high 5x area. We project that free operating cash flowcould average in the low $100 million range, assuming $15 millionof maintenance capital spending and approximately $270 million ofcash interest (including projected financing on the TungstenExplorer)," S&P said.

"Vantage's vulnerable business risk profile incorporates itslimited operating diversity. It competes against some of thelargest drillers in the industry, and its small fleet size andscale leaves it vulnerable to competitive pressures includingrelatively weaker day rates. We expect Vantage to continue tooperate in what we consider to be politically unstable regions (itcurrently operates in West Africa and Malaysia), and we foreseethat it will remain vulnerable to geopolitical unrest," S&P said.

* As of Dec. 31, 2011, Vantage had $110 million in cash and equivalents. The company does not maintain a revolving credit facility.

* Fixed expenses are substantial, with about $225 million of projected cash interest expense per year pro forma for the add- on notes.

* Capital spending is minimal, approximately $15 million per year.

* "We envision FFO of approximately $130 million, with free cash flow in the low $100 million area assuming a full year contribution from the Dragonquest and Tungsten Explorer," S&P said.

* "We do not believe that Vantage has the ability to absorb a high-impact, low-probability event without the need for refinancing," S&P said.

"The issue-level rating on Vantage's senior secured debt is 'B-'(the same as the corporate credit rating) and the recovery ratingis '3', which indicates our expectation for meaningful (50% to70%) recovery in the event of a payment default," S&P said.

"The positive outlook reflects our expectation that we couldupgrade the corporate credit rating to 'B' later this year. Anupgrade is likely if the Dragonquest begins operating forPetrobras by September. An upgrade to 'B' assumes that demand forVantage's high-specification jackups and Tungsten Explorerdrillship will continue to be strong, with full year pro formaleverage in the mid to high 5x area," S&P said.

"A revision of the outlook to stable could occur if theDragonquest experiences significant mobilization issues that delaythe start date with Petrobras or if Vantage encounters materialunplanned downtime on its Platinum Explorer drillship," S&P said.

VELO HOLDINGS: V2V Files for Chapter 11, Has Deal With Lenders--------------------------------------------------------------Velo Holdings Inc. and its affiliates filed for Chapter 11protection (Bankr. S.D.N.Y. Lead Case No. 12-11384) in Manhattanon April 2, 2012, with a deal to give up assets to the lenders,absent higher and better offers for the assets.

V2V -- through the Debtors and their non-debtor affiliates -- is apremier direct marketing services company, providing individualsand businesses with access to a wide-variety of consumer benefitsin the United States, Canada, and the United Kingdom. The Companywas founded in 1989 as a membership services company that marketedits membership programs exclusively via telemarketing and, afterhaving nearly a decade of continued growth, went public in 1996.In 2007, the Company was acquired by a consortium of privateequity firms led primarily by investing affiliates of One EquityPartners.

V2V presently operates in four main business segments:

(i) Credit And Identity Theft Protection. V2V markets primarilycredit and identity theft protection programs directly toconsumers through a business segment operated primarily by DebtorFYI Direct, Inc., and several of its non-debtor affiliates

(iii) Insurance Administration And Health Membership Services.Debtor Coverdell & Company, Inc., and its non-debtor affiliatesdirectly market insurance and consumer products and health-relatedprograms (e.g., health discount membership programs), as well asmanage third-party loyalty and reward programs, for third-partybusinesses in the United States and Canada.

(iv) Lead Generation Consulting Services. Debtor NeverblueCommunications, Inc., and certain non-debtor affiliates operateone of the leading "lead generation" or "affiliate network"businesses in the United States and Canada. Among other things,Neverblue maintains an online advertising business, which matchessellers of various goods and services with potential onlineadvertisers of such goods and services.

V2V is headquartered in Norwalk, Connecticut; maintains a customerservice call center and operations center in Omaha, Nebraska; andhas offices in Chicago, Illinois; Santa Barbara, California; ElSegundo, California; Atlanta, Georgia; Victoria, British Columbia;Montreal, Quebec; and Edgeware, England. As of the Petition Date,V2V's workforce consisted of 528 individuals, with the Debtors'workforce consisting of 360 such individuals. On a consolidatedcash basis, V2V had $486 million in revenue and $78 million inEBITDA in 2011, representing a significant decrease from $591million in revenue and $116 million in EBITDA in 2010, and $669million in revenue and $107 million in EBITDA in 2009.

As of the Petition Date, the Debtors were indebted under a securedfirst lien credit facility and secured second lien credit facilityin the approximate amount of $385 million and $205 million,respectively. Barclays Bank PLC is the agent under the first liencredit facility. Wilmington Trust, National Association is thesecond lien agent.

Shmuel Vasser, Esq., at Dechert LLP, in New York, serves ascounsel to the Debtor. Epiq Bankruptcy Solutions is the claimsand notice agent.

Road to Bankruptcy

Lorraine DiSanto, the Company's CFO and COO, says the effects ofthe depressed economic climate as a result of the recession on theDebtors' cash flows has been exacerbated by necessary changes tothe Debtors' business strategy resulting from a new regulatoryenvironment affecting the Lifestyle and Shopping Business(primarily the Adaptive Online component of such business), aswell as unilateral demands of VISA, Inc. and the Company'smerchant processor -- Chase Paymentech LLC -- which has caused aliquidity crisis the Company's business.

VISA, which processes nearly 60% of the Debtors' billings,unilaterally informed the Debtors, among other things, that itwould, at least as applied to the Debtors, decrease its internalRisk Identification Service metric (used by VISA to managemerchant risk) by 50% (from the 1% applicable to its othermerchants) to 0.50%. The Debtors estimated that the financialimpact of meeting this new hurdle would result in significantlydecreased revenues and a projected loss of $13 million in EBITDAin 2012 alone.

The Debtors met with their lenders in November 2011 and disclosedthat the Visa-imposed change in RIS standards would have amaterial negative impact on the Company?s financial performance ona go-forward basis.

In the fourth quarter of 2011, the Debtors began a dual trackrestructuring process that included (i) soliciting bids fromthird-party strategic and financial buyers for an acquisition ofsome or all of the Company?s business and (ii) negotiating theterms of a financial or operational restructuring with the lendersunder the secured credit facilities, in each case with the goal ofmaximizing the value of V2V to provide the greatest returns to keycreditor constituencies.

The projected changes in cash flows for 2011-2012 required theDebtors not to make their quarterly interest payments due to theFirst Lien Agent and the Second Lien Agent (each in theapproximate amount of $4.8 million) in December 2011 in order toavoid a liquidity crisis at that time, which in turn caused anevent of default under both credit facilities.

Sale Process

Alvarez & Marsal in December 2011 commenced a marketing processfor the sale of all or component parts of the Debtors' business.

After evaluating the bids, the Debtors determined that a financialrestructuring supported by the majority of their first lienlenders would provide more value for their estates than pursuingany of the offers proposed by the bidders.

* On the Petition Date, the Debtors will continue tooperate in the ordinary course, but will cease spending newmarketing dollars to acquire new members on a go-forward basis(i.e., a "harvest" of the businesses).

* The Debtors are not liquidating these businesses, butinstead remain committed to providing full services to theirexisting customers during this time.

* While the harvest is underway, the First Lien Agent willcredit bid for the assets comprising theses businesses in anamount determined on a sliding scale depending on timing of theclosing.

B. Restructuring of Lead Generation Business

* The Debtors will conduct a Court-supervised auctionprocess for the assets comprising the Lead Generation Business.

* The First Lien Agent will submit a credit bid of$20 million for the assets.

C. Restructuring of Insurance Administration Business

* The Debtors will conduct a Court-supervised auctionprocess for the opportunity to be a plan sponsor for the InsuranceAdministration Business.

* The First Lien Agent will submit a credit bid of $80million for the assets

D. Cash Collateral Use and Postpetition Financing

* The Debtors will seek authority to use cash collateraland seek approval of a postpetition financing facility consistentwith the terms set forth in the term sheet attached to the AgreedProtocol. The financing facility will provide for a "roll up" ofcertain of the loans under the First Lien Credit Agreement.

* The Debtors will adopt a reduction in force program toreduce headcount in connection with the Credit & Identity TheftProtection Business and Lifestyle & Shopping Business, and pay theterminated employees their severance.

* The Lender Parties will support the Debtors' payment ofseverance to defined senior management whose severance is subjectto Section 503(c)(2) of the Bankruptcy Code, up to amounts setforth in a particular formula set forth in the Agreed Protocol.

* The Debtors will seek approval of a Key EmployeeIncentive Plan acceptable to the Lender Parties. The KEIP will bean incentive-based program providing bonuses in an initialaggregate amount of up to $2.875 million, consisting of (i) $2million allocated to personnel needed for the harvest and (ii)$875,000 allocated to certain Insurance Administration and LeadGeneration personnel. With respect to the "harvest" the KEIPparticipants and allocations will be determined by the CRO, inconsultation with the Debtors' CEO and the CFO.

Timeline

The Debtors will pursue the Agreed Protocol substantially on thistimeline:

October 5 * Serve notice of confirmation hearing and commence solicitation of voting

November 2 * Deadline for objections to confirmation of plan

November 16 * Confirmation Hearing/ entry of Confirmation Order

November 30 * Plan Consummation/Effective Date

W&T OFFSHORE: Moody's Reviews CFR/PDR for Upgrade-------------------------------------------------Moody's Investors Service has placed W&T Offshore, Inc.'sCorporate Family Rating (CFR), Probability of Default Rating(PDR), and senior note ratings on review for upgrade. W&T is oneof a number of companies identified by Moody's as being wellpositioned to benefit from recent industry technological advancesand sustained high oil prices.

In May 2011, Moody's assigned W&T Offshore a B3 Corporate FamilyRating and a Caa1 rating to the proposed $600 million senior notesdue 2019.

Ratings Rationale

With over one-half of its proved reserves oil and NGLs and asubstantial cash flow expected from those reserves, Moody's seesan accretion of physical reserves and value as drilling inventoryis exploited.

The review is expected to be concluded over the next three months.Any change in ratings will likely be limited to a one notchupgrade.

The principal methodology used in rating W&T Offshore was theGlobal Independent Exploration and Production Industry Methodologypublished in December 2011. Other methodologies used include LossGiven Default for Speculative-Grade Non-Financial Companies in theU.S., Canada and EMEA published in June 2009.

WARNER SPRINGS: Files List of 20 Largest Unsecured Creditors------------------------------------------------------------Warner Springs Ranchowners Association filed with the U.S.Bankruptcy Court for the Southern District of California a list ofcreditors holding the 20 largest unsecured claims:

WARNER SPRINGS: Files Schedules of Assets and Liabilities---------------------------------------------------------Warner Springs Ranchowners Association has filed the U.S.Bankruptcy Court for the Southern District of California itsschedules of assets and liabilities, disclosing:

This is the first meeting of creditors required under Section341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend. ThisMeeting of Creditors offers the one opportunity in a bankruptcyproceeding for creditors to question a responsible office of theDebtor under oath about the company's financial affairs andoperations that would be of interest to the general body ofcreditors.

WESTERN MOHEGAN: Former Lawyers Seek Dismissal of Ch.11 Petition----------------------------------------------------------------Michael Novinson at Times Herald-Record reports that Jill Makowerof Todtman, Nachamie, Spizz & Johns has filed a motion to dismissthe Chapter 11 case of Western Mohegan Tribe & Nation, saying "TheTribe is ineligible to be a debtor, and has no business toreorganize."

According to the report, the firm, which is Western Mohegan'sformer counsel, questions the feasibility of any reorganizationplan, noting that the Mohegans don't even have enough money to payfor their bankruptcy case. "The Tribe has no business, nooperations, no income and no employees," the report quotes Ms.Makower as saying.

The report relates the firm claimed that the tribe owes them$235,000 for unpaid fees and subsequent collection efforts.Ulster County is also out some $305,000 in taxes owed by theMohegans since 2008.

The report notes the firm also insists that tribes are"governmental units" and thus not eligible for bankruptcyprotection. A lack of federal recognition, the firm argues,doesn't make the Western Mohegans any more of an individual,partnership or corporation -- the entities eligible forbankruptcy.

Based in New York, Western Mohegan Tribe and Nation is located at10 Tamarack Road, Greenfield Park, New York. The Company filedfor Chapter 11 protection on March 9, 2012 (Bankr. N.D. Ill. CaseNo. 12-09292). Judge Susan Pierson Sonderby presides over thecase. William J Factor, Esq., at The Law Office of William J.Factor, Ltd., represents the Debtor. The Debtor estimated bothassets and debts of between $1 million and $10 million.

Western Mohegan Tribe owns the 255-acre Tamarack resort. Theproperty was slated for auction March 15. But a March 9 jointbankruptcy filing by the tribe and its investor -- Illinois-basedBGA LLC -- stayed the sale.

The Ba1 rating reflects the district's narrow reserve levels andlimited liquidity position, limited tax base characterized by weakdemographics, and a manageable debt position. In fiscal 2008,operations ended with a $2.6 million operating deficit, fullydepleting $213,000 in reserves and generating a negative $2.5million general fund balance. The deficit was mainly driven by a$2.5 million reduction in state aid. The district was notified ofthe impending shortfall, but did not make the comparable cuts inexpenditures to preserve programs. Favorably, the district hasachieved 3 consecutive years of operating surpluses from fiscal2009 through fiscal 2011 resulting in a still-weak but positive$1.8 million general fund balance (or 3.4% of revenues). Growthwithin the district's tax base is expected to remain stable toslow over the intermediate term, given limited economicdevelopment and a weak real estate market. Moody's expects thedistrict's direct debt burden (1.2% of full value) to remainmanageable, given above average amortization of principal (100% inten years) and limited additional borrowing plans.

Mr. Cohen focuses his practice on commercial and financialdisputes. He has extensive experience in complex commercial casesand frequently advises investors, creditors, and municipalities onthe litigation aspects of bond defaults and other financialreorganization issues.

"Our reputation as a firm with superb trial lawyers is evenstronger today with the addition of Jeff Cohen," Mr. Stewart said."We are very happy to have him as our partner."

Mr. Cohen has chaired more than 150 state and federal jury andnon-jury trials to verdict. He has experience briefing and arguingappeals and conducting all aspects of discovery and pre-trialmotion practice. He has also served as lead counsel for theplanning and execution of numerous business restructuring cases,including the restructuring of troubled municipal bond issues. Mr.Cohen has been lead creditor and debtor counsel for severalmultimillion-dollar bankruptcies. He currently serves as leadnational franchisee counsel in the opt-out litigation againstQuiznos Sub Sandwich Restaurants.

Mr. Cohen said that Ballard Spahr's reputation for excellence inthe financial community and its considerable experience infinancial litigation matters are what attracted him to the firm."Ballard Spahr perfectly augments my practice, especially inmunicipal bond defaults," he said. "The firm's reputation issecond to none."

Mr. Cohen is a member of Ballard Spahr's Litigation Department;Commercial Litigation and Bankruptcy, Reorganization and CapitalRecovery Groups; and Municipal Recovery Initiative. Before joiningBallard Spahr, he was a partner at Patton Boggs LLP in Denver. Hehas more than 30 years experience in the Denver legal community.

* Goldman Sachs Aims for 'Friendly Foreclosure' Deal in Seattle---------------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Goldman SachsGroup Inc.'s bet on the Seattle office market is drawing to aclose, and it doesn't look like the ending will be a happy one forthe firm.

Nearly five years after paying almost $1 billion for a largeportfolio of office buildings in the Seattle area, a fund run byGoldman is planning to call it quits on the properties, the reportrelates, citing people familiar with the matter.

The culprits, according to the report, is the impending maturityof a hefty $922 million in debt made with bullish assumptions, asluggish office market and the loss of the portfolio's largesttenant to bankruptcy.

With the debt set to mature April 9, the Goldman fund is indiscussions with a junior lender, Chicago-based Walton StreetCapital LLC, to hand it control of the 11 buildings in a "friendlyforeclosure," the people said.

* Large Banks Cut Their Soured Commercial Real Estate Debt----------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that large U.S. bankshave been making headway in dealing with their troubled commercialreal estate debt, selling off and reworking bad loans at a fasterrate than smaller banks.

* Keystone National Seeks US$150MM for Its Latest Vehicle---------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that Keystone NationalGroup is heading back to market seeking $150 million for its fifthfund, just a few short months after wrapping up efforts for thefund's predecessor.

* So Much Money, So Few Deals After Bankruptcy Pay Bonanza----------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that years of astruggling economy have claimed another victim: distressed-debtinvestors who are raking billions of dollars of bankruptcywinnings off the table are casting about desperately for someplaceto put the money to work.

* Some Clean-Energy Loans on Energy Department 'Watch List'-----------------------------------------------------------Dow Jones' Daily Bankruptcy Review reports that the Department ofEnergy has placed nearly one-third of its clean-energy loanportfolio on an internal "watch list" for possible violations ofterms or other concerns, according to a copy of the list obtainedby The Wall Street Journal, highlighting how such concerns havespread beyond the now-bankrupt Solyndra LLC.

* James Dubow Rejoins Alvarez & Marsal to Lead Asia Group---------------------------------------------------------Turnaround adviser Alvarez & Marsal has rehired a China specialistwho left the firm five years ago to help it expand in Asia, whereadvisory opportunities are growing. Mr. Dubow has rejoined therestructuring firm as a managing director and co-head of its Asiaoperations, based in Hong Kong. Since leaving Alvarez & Marsalfive years ago, Dubow has served as the chief financial officer ofan energy company that develops and runs businesses across Asia.

Mr. Brody mainly focuses his practice on bankruptcy and generalcorporate restructuring, and he's represented debtors, creditors'committees, lenders and other parties in bankruptcy cases,according to the report.

The report notes that Mr. Brody has worked on bankruptcy casesincluding those of Sea Containers Ltd., Molecular InsightPharmaceuticals Corp. and Parmalat USA Corp. Mr. Brody earned hislaw degree from Hofstra University School of Law.

* Greenberg Traurig Promotes John Elrod to Shareholder------------------------------------------------------Dow Jones' DBR Small Cap reports that John D. Elrod has beenpromoted to shareholder at Greenberg Traurig LLP. Elrod hasexperience in bankruptcy, creditors' rights and commerciallitigation matters and has represented clients in the restaurant,electronics retail and auto-sales industries.

Mr. Elrod, who's a member of the American Bankruptcy Institute,has worked in bankruptcy courts throughout the United States,according to the report. Mr. Elrod earned his law degree fromSamford University's Cumberland School of Law.

The Meetings, Conferences and Seminars column appears in theTroubled Company Reporter each Wednesday. Submissions viae-mail to conferences@bankrupt.com are encouraged.

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Monday's edition of the TCR delivers a list of indicative pricesfor bond issues that reportedly trade well below par. Prices areobtained by TCR editors from a variety of outside sources duringthe prior week we think are reliable. Those sources may not,however, be complete or accurate. The Monday Bond Pricing tableis compiled on the Friday prior to publication. Prices reportedare not intended to reflect actual trades. Prices for actualtrades are probably different. Our objective is to shareinformation, not make markets in publicly traded securities.Nothing in the TCR constitutes an offer or solicitation to buy orsell any security of any kind. It is likely that some entityaffiliated with a TCR editor holds some position in the issuers"public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies withinsolvent balance sheets whose shares trade higher than $3 pershare in public markets. At first glance, this list may look likethe definitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filedChapter 11 cases involving less than $1,000,000 in assets andliabilities delivered to nation's bankruptcy courts. The listincludes links to freely downloadable images of these small-dollarpetitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book ofinterest to troubled company professionals. All titles areavailable at your local bookstore or through Amazon.com. Go tohttp://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday editionof the TCR.

The Sunday TCR delivers securitization rating news from the weekthen-ending.

For copies of court documents filed in the District of Delaware,please contact Vito at Parcels, Inc., at 302-658-9911. Forbankruptcy documents filed in cases pending outside the Districtof Delaware, contact Ken Troubh at Nationwide Research &Consulting at 207/791-2852.

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers. Information containedherein is obtained from sources believed to be reliable, but isnot guaranteed.

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